May 15 (Bloomberg) -- Champlin/GEI Wind Holdings LLC, a North American wind-energy developer backed by Good Energies Inc., plans to sell wind-farm projects planned for Hawaii, Utah, California and elsewhere to Western Wind Energy Corp. for $20 million.
The companies have executed a term sheet for the projects, which are not yet under construction and which may someday total 4 gigawatts of generating capacity, Western Wind said today in a statement.
Western Wind, based in Vancouver, said it will pay 8 million common shares of stock worth $2.50 a share.
Champlin/GEI was created in November 2010 after Good Energies agreed to provide as much as $50 million to co-owner Champlin Windpower LLC, a closely held company formed in 2006 to develop U.S. projects.
Champlin has asked regulators for permission to build a 990-megawatt project near Pioche, Nevada.
The acquisition needs to be approved by each company’s board of directors, the Toronto Stock Exchange and applicable securities regulatory agencies, according to the statement.
Casey Willis, senior project manager for Champlin/GEI, which is based in Santa Barbara, California, didn’t immediately return a phone message.
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