The sale of these assets, which include the 30MW Anyox Creek power project and other nearby hydro development assets, is scheduled to close by the end of September 2011.
According to the company, the proceeds from the sale will total up to $4.8m, with $2.1m paid through a combination of cash and a short-term irrevocable letter of credit, and the balance receivable upon completion of certain project development milestones.
Sprott Power president and CEO Jeff Jenner said the cash provided from this sale will be utilized to expand the company’s project portfolio, as it continues to acquire renewable energy development and operational assets in North America.
Canada-based Sprott Power is a developer, owner and operator of renewable energy projects.
