FPL Energy sells off wind for $121.6 million

As the saying goes, you’ve got to know when to hold them and know when to fold them. Canadian power company Creststreet has decided on the latter, and is getting origami-like on its two wind power projects.

It’s decided to sell the twosome – Mount Copper Wind Power Energy, with 54MW of capacity, and Pubnico Point Wind Farm with 30.6MW – for $121.6 million to US renewable energy company FPL Energy.

Apparently, the decision stemmed from tax change by the government.

Robert Toole, President and CEO of the company, said:

“The Partnership commenced its strategic review process principally as a result of the impact on the Partnership of the Federal Government’s tax fairness plan regarding the taxation of distributions from income funds. In the end, it was determined that the best course of action for unitholders was to realize on the Partnership’s assets, distribute the proceeds to unitholders and wind-up the Partnership. Our Board believes that this is the right thing to do for unitholders and we are pleased with the values achieved for the Partnership’s assets in the sale process.”

The plants will become part of FPL Energy’s stable of wind farms, which covers 55 of the things across 16 states, making up 5,000 MW of capacity and one third of FPL’s total energy generation.