Solar Alliance Energy Inc. entered into a letter of intent with Concord Green Energy Inc. to sell two wind projects in British Columbia for C$1.4 million.
Under the proposed transaction, Concord Green Energy will acquire a 15% stake in the 77.4-MW Wildmare project and a 100% stake in other assorted development-stage wind assets, according to a Jan. 17 release.
"The sale of a portion of our British Columbia wind assets will allow us to fund the ongoing expansion of our solar business in the United States," said Chairman and CEO Jason Bak. "In combination with this transaction, we are also pursuing a potential strategic partnership in an effort to accelerate the expansion of our solar operations."
The transaction is subject to the satisfaction of a number of conditions precedent.