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Capstone Infrastructure acquires Renewable Energy Developers
TORONTO Capstone Infrastructure Corp. TSX:CSE has signed a deal valued at $68.9 million, plus debt, to acquire Renewable Energy Developers Inc.
The agreement, which has been approved by the board of directors at both companies, expands Capstones footprint with the addition of 95 megawatts in operating wind power facilities in Nova Scotia and Ontario.
The acquisition also gives Capstone to access a pipeline of wind power projects with 20year power purchase agreements under development in Nova Scotia, Ontario, Saskatchewan and Quebec, and the option to acquire additional wind power projects in Ontario.
Capstone said Wednesday that Renewable Energy TSX:RDZ shareholders will receive 0.26 of a Capstone common share and 0.1 of a cent in cash for each common share under the offer valued at $1.01 per share.
The acquisition will also see Capstone assume approximately $129 million in longterm debt and $34.5 million of outstanding convertible debentures from ReD.
Capstone manages a portfolio of investments in gas cogeneration, wind, hydro, biomass and solar power generating facilities. It also owns part of a district heating business in Sweden and a regulated water utility in the United Kingdom.
Shares in Capstone were trading down 2.43 per cent, or nine cents, at $3.79, while shares in ReD were down a penny to 99 cents in midafternoon trading on the Toronto Stock Exchange.
We look forward to building on the combined strengths of our organizations, Capstone president and chief executive Michael Bernstein said.
These include ReDs operating wind power facilities and development pipeline and team, and Capstones sizable Canadian power portfolio, proven financing capability and broad network of relationships in Canada and internationally.