Sprott Power Corp.(“Sprott Power” or “the Company”), a developer, owner and operator of renewable energy projects, is pleased to announce it is in negotiations to acquire interests in and to co-develop several projects in Ontario. Sprott Power had previously assumed the position of a secured lender in the projects and intended to co-develop some or all of them, as disclosed in its June 26, 2012 press release.
The projects represent up to 90 MW of contracted capacity. They are currently owned by Ontario limited partnerships controlled by project companies affiliated with Zero Emission People LLC. The parties have entered into a letter of intent, and the transaction will be subject to standard conditions, including receipt of any consents required from the Ontario Power Authority and other third parties.
Sprott Power is actively participating in project development and providing additional development funding to the projects, and may pursue the acquisition and investment with a financial partner.