TORONTO, June 01, 2021 (GLOBE NEWSWIRE) — Instar Asset Management (“Instar” or “the Company”), today announced the sale of its 100% interest in Okanagan Wind, two wind power facilities totaling 30 megawatts of installed renewable energy in the Okanagan region of British Columbia, to Canadian Power Holdings (“Canadian Power”), an Alberta-based firm with extensive experience managing energy generation in Canada. Financial terms were not disclosed.
Beginning commercial operations in 2017, Okanagan Wind contributes 4.2% of British Columbia’s installed wind power capacity, helping to green the province’s energy grid through two 40-year electricity purchase agreements with BC Hydro. Over its investment period, Instar worked with local contractors to ensure safe operations, and collaborated with engineering firms to improve the production of the facilities. Today, the facilities generate approximately 100,000 megawatt hours of clean electricity annually, enough to power the equivalent of approximately 9,000 homes.
“Okanagan Wind is an outstanding example of the value infrastructure can bring to communities, the environment and the broader economy,” said Gregory J. Smith, President and CEO, Instar Asset Management. “We are proud of our role in Okanagan Wind, a first-of-its-kind project in the region that has established a reliable source of green energy for years to come.”
Notably, the projects prioritize close collaboration with the surrounding community, awarding around 40% of construction-related work to First Nations-backed local firms and investing over $20 million in the community over the course of construction. During Instar’s leadership, Okanagan Wind has become a local voice for environmental stewardship, providing student tours in partnership with local schools, awarding more than 13 post-secondary scholarships and becoming a member of the BC Sustainable Energy Association.
“The success of these projects is ultimately a testament to the strength of our local partnerships,” said Stephen Simpson, Partner, Instar Asset Management. “We are incredibly grateful for the support and collaboration we’ve received over the last few years, and believe that the team at Canadian Power is the perfect fit to continue Okanagan Wind’s legacy of environmental stewardship, commitment to community engagement and agreements with First Nations partners.”
About Instar Asset Management
Instar Asset Management is an independent alternative asset management firm focused on North American middle-market opportunities in the infrastructure sector and other alternative real asset categories. Instar’s growing footprint spans North America with a diversified portfolio of companies that deliver essential infrastructure services and value to communities, partners and investors, helping us to fulfil our purpose of enriching people’s lives. Visit www.InstarInvest.com.
This release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the United States’ federal securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, and includes words such as “believes”, “seeks”, or negative versions thereof and other similar expressions, or future conditional verbs, such as “may”, “will”, “should”, “would” and “could.”
Although InstarAGF Asset Management believes that future anticipated results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions, the reader should not place undue reliance on forward-looking statements or information as statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to differ materially from anticipated future results, performance or achievements express or implied by such forward looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: economic and financial conditions; the behavior of financial markets (including fluctuations in exchange and interest rates); availability of equity and debt financing; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions and the ability to obtain expected benefits; regulatory and political factors; acts of God; and the possible impact of international conflicts, including terrorism, among other risks and factors.
This document is for informational purposes only and does not constitute a general solicitation, offer or invitation in any InstarAGF-managed funds in the United States or in any other jurisdiction and has not been prepared in connection with any such offer. In addition, the information contained in this document may not be relied on in any manner as legal, tax or investment advice. The views expressed herein do not constitute investment or any other advice and are subject to change.
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For more information:
Ashley Smith | AVP Communications
Instar Asset Management
Tel: (416) 865-4181
Email: [email protected]