Solar Alliance Signs Final Agreement to Sell 15% Interest in British Columbia Wind Project for $1.4 million

Solar Alliance Energy (TSXV:SAN) has announced it has signed a binding arrangement agreement with Concord Green Energy, regarding the disposition to Concord Green Energy of certain British Columbia wind energy assets for $1.4 million through a plan of arrangement.
As quoted in the press release:

The Arrangement allows for Concord Green Energy to own the Bullmoose Wind Energy Project and to obtain a 15% interest in the Wildmare Wind Energy project while the Company retains an 85% controlling interest and will operate the project. The Arrangement also involves the transfer of a 100% interest in other assorted development stage wind assets in British Columbia to Concord Green Energy. The wind asset sale and plan of arrangement does not involve any of the Company’s solar assets.

Solar Alliance is undertaking the Arrangement because it provides the following advantages to the Company:

• provides additional $1,400,000 in total consideration without diluting existing shareholders;
• allows Solar Alliance to continue executing its current business plan;
• Solar Alliance will retain its current brand and will adopt the trading symbol SOLR;
• no change to the shareholdings or economic position of shareholders;
• no roll back of the Company share’s capital now or anticipated in the future;
• no change to management or board of directors; and,
• no change to the fundamentals of company, other than with respect to the wind energy assets.

Plan of Arrangement

The transaction will be completed by way of a plan of arrangement under the British Columbia Business Corporations Act, which requires approval of shareholders and the British Columbia Supreme Court. The Company will hold a Special Meeting (the “Meeting”) of all of the security holders of Solar Alliance Energy Inc. The purpose of the Meeting is to vote on a corporate reorganization transaction which will see Solar Alliance transfer its business and assets, other than the wind energy assets and business to a new corporate entity that will be owned by the existing shareholders of Solar Alliance with the same core solar assets, name, board and management, but with an additional $1,400,000 of total consideration which Solar Alliance shall have received for the sale of its non-core assets.

Click here for the full press release.