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CHARBONE HYDROGEN Signs Agreement with NORTHWOODS HYDROPOWER for the Acquisition of three Hydropower Plants Located in Michigan
(TheNewswire) Brossard, Québec, - TheNewswire - January 18, 2023 – ...
About this update from Charbone Hydrogen Corporation
[{"type":"text","content":"CHARBONE HYDROGEN Signs Agreement with NORTHWOODS HYDROPOWER for the Acquisition of three Hydropower Plants Located in Michigan\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 Brossard, Québec, -\n \n \n TheNewswire -\n \n \n January 18, 2023 –\n \n \n CHARBONE HYDROGEN CORPORATION (TSXV:CH)\n \n \n \n \n (“\n \n \n Charbone\n \n \n ”)\n \n \n is pleased to announce\n \n \n that it\nhas concluded the final negotiations and executed the Purchase and\nSale Agreement\n \n \n (the “\n \n \n PSA\n \n \n ”), dated as of\nJanuary 17, 2023,\n \n \n between its wholly owned\nsubsidiary, 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 of\n \n \n all of the general partner and limited partner\ninterests of Tower Kleber Limited Partnership (“\n \n \n TKLP\n \n \n ”) a Michigan\nLimited Partnership and Black River Limited Partnership,\n(“\n \n \n BRLP\n \n \n ” and\n \n \n collectively with TKLP, the\n“\n \n \n Limited\nPartnerships\n \n \n ”\n \n \n )\n \n \n , respectively the owner of the Tower\n560 kW, Kleber 1,200 kW and Alverno 1,000 kW operating hydropower\nplants in the Onaway, Michigan area (the “\n \n \n Michigan Plants\n \n \n ”).\nThe purchase price for the acquisition is $3,600,000 USD, subject to\nadjustments.\n \n \n \n \n The terms and conditions of PSA stipulate that the\nacquisition of TKLP and BRLP is to be closed on or before February 28,\n2023, subject to customary closing conditions.\n \n \n \n \n The Limited Partnerships are parties to\n \n \n long-term Power Purchase Agreements\n \n \n (the “\n \n \n PPA’s\n \n \n ”)\n \n \n , with large\nlocal utilities and it is expected to increase Charbone USA recurrent\nrevenues for 2023 and beyond for the duration of the PPA’s. The\nMichigan plants are also generating revenues from the sale of\nRenewable Energy Certificates\n \n \n (the\n“\n \n \n REC’s\n \n \n ”) from the production of its green, clean and renewable\nenergy\n \n \n .  Charbone’s strategy is to acquire\nits own hydropower plants, modernize and optimize them to i...