Friday, January 21, 2011

Japan's Marubeni buys stake in Canada wind farm

Marubeni Corp has bought a 49 percent stake in a wind farm being built in the Canadian province of Ontario, the Japanese trading house said on Tuesday.

Marubeni bought the stake in the Raleigh Wind Energy Center, a 78-megawatt wind energy project located in southwestern Ontario, from Invenergy, a privately owned, Chicago-based company.

No price was given for the transaction.

Invenergy, which owns and develops renewable energy projects in North America and Europe, will retain the remaining 51 percent in the wind farm and manage it.

The project, which has a 20-year power purchase contract from the Ontario Power Authority, is expected to start commercial production next month.

"As part of its growth strategy, Marubeni is seeking to increase its investment in the North American power sector and will continue to pursue high quality investment opportunities in the United States and Canada," Marubeni said in a statement.

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