SkyPower says wind project still on

SkyPower Corp. is restructuring through the federal Companies Creditors Arrangement Act, a move the company says is related to its future sale. “This is simply a proactive move to facilitate the final part for SkyPower’s restructuring and through its sale to another entity,” said Scott Brownrigg with SkyPower media relations. “It’s business as usual and SkyPower continues to develop projects on the same timeline and same manner as before.”

He said the company has an interest in over 200 other projects at various stages, and the restructuring will give it the financial flexibility to continue operating.

Company president and chief executive officer Kerry Adler says several potential bidders have expressed interest in purchasing SkyPower’s assets.

Filing under the Companies Creditors Arrangement Act is to guarantee short-term stability along with long-term growth of the company, he said.

The company has a commitment of $15 million U.S. for the transition of a quick and efficient sales process.

Development of wind energy in North America has been becalmed in recent months by a credit crunch and a supply shortage of wind turbines.

SkyPower was also hit last year when a major shareholder, Lehman Brothers, filed for bankruptcy protection in the United States. It was the largest such filing in American history, with Lehman holding over $600 billion in assets.

Following the collapse of Lehman Brothers, SkyPower said its Digby Neck project was not affected. ldelong@digbycourier.ca