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.
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.