Hong Kong's CK Group buys first Canadian renewable power project

Chong Kin group

05/02/2021 24:09

By Nia Williams
    CALGARY, Alberta, Feb 4 (Reuters) - Canadian Power Holdings,
a wholly owned unit of Hong Kong-based CK Group, has agreed to
buy two wind farms in British Columbia, the company said on
Thursday, its first purchase of a Canadian renewables project.
    Canadian Power did not disclose the value of the purchase
from InStarAGF Asset Management, citing confidentiality, but a
source with knowledge of the transaction said it was over C$100
million ($78 million).
    CK Group is part of the empire founded by Hong Kong tycoon
Li Ka-shing and now run by his son Victor Li.
    Canadian Power chief executive Derek Goodmanson told Reuters
the company, which also owns cogeneration power units, is
actively seeking further renewables acquisitions across Canada. 
    "We look forward to finding other such opportunities for the
group as we work to expand our footprint," he said.
    The two wind farms will be known as Okanagan Wind and have a
combined capacity of 30 megawatts. All electricity generated by
the project is sold under an inflation-linked electricity
purchase agreement with British Columbia Hydro and Power
Authority that has 37 years remaining.
    CK Group also holds a large stake in Canadian oil and gas
producer Cenovus Energy  CVE.TO  after its merger with rival
Husky Energy, and owns a number of other renewables projects
around the world.

($1 = 1.2815 Canadian dollars)

 (Reporting by Nia Williams; editing by Richard Pullin)
 ((nia.williams@thomsonreuters.com; +1 403 531 1624; Reuters
Messaging: nia.williams.thomsonreuters.com@reuters.net))