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Brookfield Renewable gets control of Western Wind
TORONTO - Brookfield Renewable Energy Partners L.P. (TSX:BEP.UN) said Thursday it has become the controlling shareholder of Western Wind Energy Corp. (TSXV:WND) through a $92.2-million transaction.
The Bermuda-based Brookfield said Thursday that it has acquired 35.4 million shares of the Western Wind through WWE Equity Holdings Inc. for $2.60 per share.
Brookfield Renewable will now own 66.1 per cent of the company.
"We are very pleased with the successful outcome of our bid and look forward to incorporating these complementary energy assets into our renewable power portfolio," said president and CEO Richard Legault in a release.
"This will increase our operating wind capacity in the attractive California market by 56 per cent to nearly 430 megawatts, while the company's other operating and development stage assets are expected to create further value over time."
Brookfield Renewable said it has written the board of Western Wind requesting an orderly transition of the Western Wind board of directors, it said.
The holdings company has also extended its offer of $2.60 per share until March 7 at 5 p.m. ET.
If the company acquires at least 90 per cent of the outstanding common shares, Brookfield Renewable said it intends to use provisions under British Columbia corporate law to acquire the remainder of Western Wind common shares.
The company said if less than 90 per cent are acquired it intends to put another acquisition transaction into effect to acquire the remaining common shares at $2.60 each.
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