HALIFAX, Nova Scotia--(BUSINESS WIRE)--
Emera (TSX: EMA) Emera Inc. announced today it will sell its 49%
interest in Northeast Wind Partners II, LLC (“Northeast Wind”), to its
51% partner, First Wind Holdings, LLC (First Wind) for USD $223.3
million. Northeast Wind owns and operates a 419 MW portfolio of wind
generating assets located in the Northeast United States. Emera acquired
its interest in Northeast Wind in 2012.
Emera’s sale is part of a larger deal which will see 100% of First Wind
sold to a third party, and is conditional on that transaction closing.
Both transactions are targeted to close in Q1, 2015, subject to
regulatory approvals.
Emera’s current carrying value of its 49% interest is USD $201.6
million. The company expects to record a gain on the sale at closing,
which will be determined based on the carrying value at that date.
“Emera’s strategy continues to be focused on delivering more clean
energy to markets including northeast North America,” said Chris
Huskilson, President and CEO of Emera Inc. “This transaction is
essentially an unwinding of our original transaction with First Wind as
they pursue a new direction and we seek to redeploy our capital in
higher value assets and opportunities in other clean energy
infrastructure investments, including electricity transmission and
natural gas electricity generation in the northeast.”
“Throughout our time working together we have been very impressed with
the strength of the First Wind team, and their knowledge and leadership
in the northeast energy market,” added Mr. Huskilson. “We valued the
partnership and wish First Wind well in this new venture.”
“Our joint venture with Emera has been a fruitful partnership that has
moved investment and new clean energy projects forward in the Northeast
– in Maine in particular,” said First Wind CEO Paul Gaynor. “This is a
positive move for all of the parties involved. We appreciate and applaud
Emera’s efforts to deliver more clean energy to its customers and thank
them for their partnership.”
Forward Looking Information
This news release contains forward looking information. Actual future
results may differ materially. Additional information related to Emera,
including the company’s Annual Information Form, can be found on SEDAR
at www.sedar.com.
About Emera
Emera Inc. is a geographically diverse energy and services company
headquartered in Halifax, Nova Scotia, with $9.41 billion in assets and
2013 revenues of $2.2 billion. The company invests in electricity
generation, transmission and distribution, as well as gas transmission
and utility energy services. Emera's strategy is focused on the
transformation of the electricity industry to cleaner generation and the
delivery of that clean energy to market. Emera has investments
throughout Northeastern North America, and in four Caribbean countries.
Emera continues to target having 75-80% of its adjusted earnings come
from rate-regulated businesses.
Emera common and preferred shares are listed on the Toronto Stock
Exchange and trade respectively under the symbol EMA, EMA.PR.A,
EMA.PR.C, EMA.PR.E, and EMA.PR.F. Additional Information can be accessed
at www.emera.com
or at www.sedar.com.
Emera Inc.
Media:
Dina Bartolacci Seely, 902-428-6059
dina.bartolacci@emera.com
or
Investor
Relations:
Scott LaFleur, 902-428-6375
scott.lafleur@emera.com
Source: Emera Inc.