Brookfield Renewable succeeds in bid for Western Wind
Friday, Feb 22, 2013
Brookfield Renewable Energy Partners L.P. (TSX:BEP.UN) ("Brookfield Renewable") and WWE Equity Holdings Inc. (the "Offeror") today announced that the Offeror has taken up 35,443,025 common shares of Western Wind Energy Corp. ("Western Wind" or the "Company") pursuant to its all-cash offer to acquire the common shares of Western Wind for $2.60 per share (the "Offer"). The common shares taken up represent 59.7% of the common shares held by shareholders independent of Brookfield Renewable. Brookfield Renewable will now own 46,767,375 common shares of Western Wind representing 66.1% of the issued and outstanding common shares.
"We are very pleased with the successful outcome of our bid and look forward to incorporating these complementary energy assets into our renewable power portfolio," said Richard Legault, President and Chief Executive Officer of Brookfield Renewable. "This will increase our operating wind capacity in the attractive California market by 56% to nearly 430 MW, while the company's other operating and development stage assets are expected to create further value over time."