Synex Renewable Energy Corporation, a Vancouver-based company engaged in the development, acquisition, ownership, and operation of renewable energy projects in Canada, has announced the sale of its wind energy project, the Bouleau Mountain Wind Project, located in British Columbia. The project is being sold to a leading renewable energy company for a purchase price of approximately $4.7 million, subject to the signing of an electricity purchase agreement (EPA) with British Columbia Hydro and Power Authority (BC Hydro). In addition to the purchase price, Synex will receive a royalty payment equal to one percent of the gross revenue of the Wind Project.
The transaction is expected to close during the third quarter of 2024, pending regulatory approvals and other customary closing conditions. The sale of the Bouleau Mountain Wind Project is part of Synex’s ongoing strategic review to enhance shareholder value. The company believes that the sale reaffirms the significant value of its entire wind license portfolio, which includes multiple wind development sites acquired in 2021.
Synex’s President and CEO, Daniel J. Russell, expressed confidence in the company’s position to further commercialize its license portfolio, given BC Hydro’s renewed commitment to acquiring new clean energy sources in British Columbia. During the interim period prior to the closing of the transaction, Synex’s subsidiary, Sea Breeze Power Corp., will continue to develop the Wind Project in compliance with applicable laws and the terms and conditions of the Asset Purchase Agreement.
Synex, with ownership interests in operating hydro projects and a Vancouver Island grid connection, is well-positioned in the renewable energy sector. The company also holds construction-ready run-of-river projects, applications, and land tenures on potential hydroelectric sites, as well as wind development sites that could provide up to 4,850 MW of clean power in British Columbia.
For more information about Synex and its renewable energy projects, visit www.synex.com.