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This 54 megawatt (MW) solar project consists of three major work sites:

  • the site includes: the solar panels, racking, direct current electrical collection system, alternating current electrical system, inverters and associated infrastructure, access roads and perimeter fence
  • the connection line includes: overhead and underground electrical line circuits
  • the substation includes: electrical substation transformer, communication lines and related electrical infrastructure to connect the project to the transmission system.

Following the recommendation of the independent directors of Gencan, the Purchase Agreement was approved by the Gencan Board of Directors. A complete copy of the Purchase Agreement can be found on SEDAR at www.sedar.com.

The Purchase Agreement provides for the sale by Gencan to Highroad of Gencan’s renewable power solar PV rooftop assets. The Photovoltaic Plant is located on an approximately 120,000 square foot portion of the roof at 450 Dobbie Drive, Cambridge, Ontario pursuant to a lease agreement with Genterra Capital Inc., the owner of the leased premises. The Photovoltaic Plant generates solar energy for utility, commercial and residential customers under a 20 year Feed-In Tariff Program Contract with the Ontario Power Authority. The sale of the Photovoltaic Plant represents the sale of all or substantially all of the assets of Gencan.

The consideration to be paid by Highroad to Gencan for the Photovoltaic Plant is an aggregate of $2,635,000 and consists of: a) a cash payment of $577,030; and b) an assumption of a loan payable by Gencan to Genterra in the amount of $2,057,970.

Genterra and Highroad is each a “related party” of Gencan as defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. A “related party” includes, among other things, a control person of the entity and an affiliate of the control person. Genterra is considered a control person by virtue of its ownership of 12,564,188 Common Shares of Gencan and Highroad is an affiliate of Genterra.

In connection with the proposed sale, Corporate Valuation Services Limited, which was engaged by Gencan as an independent valuator, has provided a valuation of the Photovoltaic Plant, in accordance with Multilateral Instrument 61-101. The valuation report provides that as at March 31, 2018, subject to the scope of review, assumptions, qualifications, considerations and limitations set forth therein, the estimate of fair market value of the Photovoltaic Plant is $2,635,000. Particulars of the valuation will be provided to shareholders with the meeting materials. Based on the conclusions of Corporate Valuation Services Limited, among other matters considered, the Directors unanimously determined that the proposed transaction is in the best interests of Gencan and is fair, from a financial point of view, to the minority shareholders of Gencan.

The Closing Date of the Transaction is expected to occur on or about July 4, 2018, following the receipt of approval of the shareholders of Gencan, and upon satisfaction of all the conditions in the Purchase Agreement.

Full details of the transaction will be included in Gencan’s management information circular which is expected to be mailed to shareholders on or about June 1, 2018 for a meeting to be held on June 28, 2018.

This news release is for information purposes only and is not a substitute for the definitive agreement which will effect the proposed transaction. There can be no assurance that the conditions of closing will be satisfied, or that the transaction will be completed as proposed or at all.

This news release may contain forward-looking statements that involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in forward-looking statements.

Gencan Capital Inc. is a Canadian Company with significant interests in solar generation equipment located in Ontario, Canada.

Statkraft, Europe’s largest generator of renewable energy and Bharat Light and Power (BLP), have agreed to end the partnership. BLP has agreed to sell its stake in the joint venture Statkraft BLP Solar Solutions Private Limited (SBSS) to Statkraft.

SBSS provides distributed solar solutions to the commercial & industrial segment in India.

 Tejpreet S. Chopra, Managing Director, BLP said, “The transaction is in line with BLP’s strategy of optimizing value across its business lines.  BLP and Statkraft have created a leading venture which has successfully commissioned projects across India, and developed a strong brand in the distributed solar space. We wish to thank Statkraft for a fantastic partnership, and wish Statkraft the very best in their future endeavours.”

 ”The cooperation between Statkraft and Bharat Light and Power has been a success. In 2015 we agreed to jointly explore various business models for solar development in India. Now, as these ambitions have successfully been accomplished, we have agreed to independently pursue our respective business ideas within the solar sector in India. We would like to use the opportunity to thank TP Chopra and BLP for the cooperation.” says Statkraft’s CEO Christian Rynning-Tønnesen.

Marthe Hoff, Senior Vice President International Markets, is enthusiastic about the future:

“The talented and motivated employees of SBSS are committed to realize Statkraft’s ambition to be the preferred supplier of renewable, innovative and cost efficient energy solutions for Commercial and Industrial companies across India. Statkraft will scale up its effort and combine local expertise with the international experience the company has accumulated from more than 120 years of operation.”

 

Storage of renewable energy for on-demand distribution of cost competitive and clean electricity is key for fossil-free power generation. Swedish solar technology company, Cleanergy and Masen have an ongoing collaboration to address this challenge. The Masen-Cleanergy collaboration is now intensifying through new joint development agreement.

Enphase Energy Inc, a global energy technology company and the world’s leading supplier of solar microinverters, has announced Eric Branderiz has been appointed vice president and chief financial officer, effective today. Mr. Branderiz succeeds Bert Garcia, who will support an orderly transition of duties.

Dentons acted as legal counsel to DTEK Renewables B.V. on the implementation of a project for the construction of a solar power plant with an established capacity of 200 MW in Nikopol district.

After its construction, the Nikopol SES will be the most powerful solar power station in Ukraine and will become one of the largest in Europe. The project cost is estimated at EUR230 million.

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