The company will issue 8 million shares priced at $2.50 per share to pay for the cost of the acquisition which amounts to $20m.
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The wind projects include developing near term projects in Hawaii and Utah and large projects in California and across US markets that have strong renewable portfolio standards and high power purchase agreement pricing.
Western Wind CEO Jeff Ciachurski said, "With a 4,000 MW pipeline and near term projects in Hawaii and Utah, this complements the consistent Western Wind strategy of executing and completing projects in niche markets with high level renewable energy policies and aggressive pricing."
CGEI Wind CEO Mike Cutbirth said Western Wind has an impressive track record of growth over the last several years and CGEI believes the market has not yet recognized the value of its stock.
"Our portfolio is complementary to Western Wind’s holdings with projects in key niche markets and there should be significant synergies to the acquisition and merger of our holdings into Western Wind," said Cutbirth.
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By GlobalDataThe term sheet will be subject to completion of approvals, formal documentation, due diligence, and regulatory agencies including escrow provisions.
CGEI Wind is co-owned by Good Energies and Champlin Windpower, and is headed by Mike Cutbirth, who would join the board of Western Wind if the transaction is closed.
