As announced initially in May, 2011, the assets include the 30MW Anyox Creek hydroelectric project and other nearby hydro development assets. The sale is scheduled to close on or before 30 September 2011. 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 the successful completion of certain project development milestones.
“We believe our existing partner was in the best position to successfully develop these assets,” said Jeff Jenner, President and CEO of Sprott Power. “The cash provided from this sale will be utilized to expand our project portfolio, as we continue to purchase renewable energy development and operational assets in North America.”
“We are very excited about owning these hydro projects, particularly with the anticipated demand for power as a result of the significant precious metals mining renaissance in the immediate project area,” adedd Jeff Wolrige, President of Anyox Hydro Electric Corp. “We are thankful to Sprott Power for all of their assistance in completing this transaction.”
