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CHARBONE HYDROGEN Announces an Amendment to the Agreement with NORTHWOODS HYDROPOWER Inc. for the Acquisition of a Hydropower Plant in Shawano, Wisconsin
(TheNewswire) Brossard, Québec – TheNewswire - November 18, 2022 ...
About this update from Charbone Hydrogen Corporation
[{"type":"text","content":"CHARBONE HYDROGEN Announces an Amendment to the Agreement with NORTHWOODS HYDROPOWER Inc. for the Acquisition of a Hydropower Plant in Shawano, Wisconsin\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Brossard, Québec –\n \n \n TheNewswire -\n \n \n November 18, 2022 –\n \n \n CHARBONE HYDROGEN CORPORATION (TSXV:CH)\n \n \n (OTC:CHHYF)\n \n \n \n \n (“\n \n \n Charbone\n \n \n ”)\n \n \n announces\nthat it\n \n \n has amended certain terms and conditions\nto the Purchase and Sale Agreement\n \n \n (the\n“\n \n \n PSA\n \n \n ”), signed last October 7, 2022,\n \n \n between its wholly-owned subsidiary, Charbone Corporation USA\n \n \n (“\n \n \n Charbone USA\n \n \n ”),\n \n \n and\nNORTHWOODS HYDROPOWER INC. (“\n \n \n Northwoods\n \n \n ”), for the acquisition of\n \n \n all of the general partner and limited partner\ninterests of Wolf River Hydro Limited Partnership\n \n \n (“\n \n \n Wolf\nRiver\n \n \n ”), the owner of the 700 kW operating\nhydropower plant in Shawano, Wisconsin. The amendment is to better\ncoordinate the change of ownership with the planned shut down for\nmaintenance work that will be ending this month. Wolf River is party\nto a long-term power purchase agreement that is expected to generate\nrecurrent revenues for Charbone USA in Q4-2022.\n \n \n \n \n The main change to the terms and conditions of the PSA\nis that the acquisition of Wolf River is now expected to be closed on\nor before December 1\n \n \n st\n \n \n , 2022, subject to customary closing\nconditions. Concurrently, Charbone and Northwoods will continue\nnegotiating PSAs for the Tower Kleber Limited Partnership and the\nBlack River Limited Partnership (collectively, the “\n \n \n Limited Partnerships\n \n \n ”), with the acquisition of the Limited Partnerships\nexpected to be concluded on or before February 28, 2023. The Limited\nPartnerships have the capacity to produce 2,760 kW of hydropower. The\noperating hydropower plants owned by the Limited Partnerships are each\nlocated in the Onaway region of Michigan and will be financed\nindependently of the Shawano hydropower plant owned by Wolf\nRiver.\n \n \n \n \n About Charbone\n \n \n \n \n Charbone is a Canadian green hydrogen company\nestablished in North Americ...