Quantum Fuel Systems Technologies Worldwide Inc., the Lake Forest, California-based developer of alternative-fuel vehicles and energy-storage systems, agreed to sell its 10-megawatt Trout Creek wind farm in Canada.
The buyer will pay about C$971,000 ($936,000) in cash and assume approximately C$237,000 in liabilities for 75 percent of the project in the first phase of the deal that’s expected to close within six weeks, according to a statement today. The buyer, who wasn’t identified, will pay C$1.1 million for the remainder within 18 to 24 months after Trout Creek begins commercial operations in southeast Ontario.
Quantum said in March it was planning to sell wind assets from its Schneider Power unit for as much as $3.5 million.
“It remains our intent to complete the disposition of all of Schneider Power’s operating assets and development projects as soon as possible,” Chief Executive Officer Brian Olson said in the statement.