Business
Charbone Hydrogen Announces an Amendment to the Agreement for the Acquisition of the three Hydropower Plants in Michigan to align with a Financing
(TheNewswire) Brossard, Q C - TheNewswire - February 28, 2023 - Charbone Hydrog...
About this update from Charbone Hydrogen Corporation
[{"type":"text","content":"Charbone Hydrogen Announces an Amendment to the Agreement for the Acquisition of the three Hydropower Plants in Michigan to align with a Financing\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Brossard, Q\n \n \n C - TheNewswire -\n \n \n February 28, 2023 -\n \n \n Charbone Hydrogen Corporation\n \n \n (TSXV:CH\n \n \n )\n \n \n (\n \n \n OTC:CHHYF\n \n \n )\n \n \n (\n \n \n FWB:K47)\n \n \n \n \n (“\n \n \n Charbone\n \n \n ”)\n \n \n announces that it\n \n \n has amended, on\nFebruary 27, 2023, certain terms and conditions to the Purchase and\nSale Agreement\n \n \n (the “\n \n \n PSA\n \n \n ”), signed\nJanuary 17, 2023\n \n \n . The amendment postpones the\nclosing date to allow the lender to complete its due diligence and to\nsubmit their final proposed financing terms and conditions to\nCharbone. The acquisition of\n \n \n Tower Kleber\nLimited Partnership (“\n \n \n TKLP\n \n \n ”), a Michigan Limited Partnership and\nBlack River Limited Partnership (“\n \n \n BRLP\n \n \n ” and\n \n \n collectively with TKLP, the “\n \n \n Limited Partnerships\n \n \n ”\n \n \n ),\n \n \n is now\nexpected to close on or before May 15, 2023, subject to customary\nclosing conditions including the receipt by Charbone of satisfactory\nfinancing.\n \n \n \n \n The transaction is\n \n \n between its\nwholly-owned subsidiary, Charbone Corporation USA\n \n \n (“\n \n \n Charbone\nUSA\n \n \n ”),\n \n \n and NORTHWOODS\nHYDROPOWER INC. (“\n \n \n Northwoods\n \n \n ”), for the acquisition\n \n \n of all of the general partner and limited\npartner interests of the Limited Partnerships\n \n \n ,\nrespectively the owner of the Tower 560 kW, Kleber 1,200 kW and\nAlverno 1,000 kW operating hydropower plants in the Onaway, Michigan\narea (the “\n \n \n Michigan\nPlants\n \n \n ”).\n \n \n \n \n The Limited Partnerships have the capacity to produce\n2,760 kW of hydropower. The Michigan Plants are generating revenues\nunder long-term Power Purchase Agreement for the sale of energy, as\nwell as earning revenues from the sale of capacity and Renewable\nEnergy Credits\n \n \n .\n \n \n \n \n About Charbone\n \n \n \n \n Charbone is a Canadian green hydrogen company\nesta...