Synex Renewable Energy Corporation announced that its wholly owned subsidiary, Sea Breeze Power Corp. ("Sea Breeze"), closed its previously announced disposition of Sea Breeze's wind energy project known as Bouleau Mountain Wind Project (the "Wind Project"), located in British Columbia, Canada (the "Transaction").
As previously disclosed, the purchase price of the Wind Project pursuant to the Transaction is approximately $4.7 million, subject to entering into an EPA (as defined herein) with respect to the Wind Project, plus a royalty payment equal to one percent of the gross revenue of the Wind Project. Upon closing of the Transaction, the Buyer paid Sea Breeze a cash payment of $400,000, and the remaining balance of the purchase price will be paid upon the Wind Project achieving certain milestones, including the entering into of an electricity purchase agreement (the "EPA") with British Columbia Hydro and Power Authority (or other similar regulated utility) and the commencement of commercial operations of the Wind Project.
"With the sale of the Bouleau Mountain Wind Project, we have demonstrated our ability to monetize our significant wind portfolio at competitive prices. We are also thrilled that the project has been submitted to the BC Hydro Call for Power 2024 RFP, and we are confident that the project can achieve commercial operations in the next four to seven years. This will result in the achievement of all of the applicable milestones and lead to further value creation for the Company," stated Daniel J. Russell, Chief Executive Officer of Synex.
