Sky Harvest Energy Corp. is pleased to announce that it has sold its interest in assets relating to its Sky Harvest Project located in southwestern Saskatchewan to a major Canadian wind power development company, including its leasehold interests in approximately 15,000 acres of land, accumulated wind data, environmental assessment studies, and its meteorological tower.
In consideration of Sky Harvest’s sale of the assets, the purchaser has agreed to pay a purchase price in three instalments comprised of a fixed payment payable upon execution of a power purchase agreement a first success fee based upon the number of megawatts contracted under the PPA and payable upon financial close, and a second success fee also based on contracted megawatts and payable upon the commencement of commercial operations.
“Given the Sky Harvest Project’s potential to host up to a 150 megawatt windpower generation facility, the Company could realize up to $8.17 million dollars from the purchase” said William Iny, president and CEO. The agreement further provides that if the purchaser is unable to execute a PPA respecting the project by December 19, 2019, it will return the assets to Sky Harvest for nominal consideration.
Sky Harvest will remain involved in the project in a development services capacity as it aids the purchaser in liaising with landowners and communities within Saskatchewan, as well as revising lease agreements. Sky Harvest also retains its interests in the Keewatin and Matador sites in southwest Saskatchewan, which it will continue to develop.
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