Plutonic Power Corp and partner GE Energy Financial Services have been granted more time to finish a due diligence investigation into their planned purchase of a distressed wind farm project in Western Canada, they said on Monday.
This is their second extension since announcing the planned purchase in early June, but both partners say they remain committed to the project.
We remain keenly interested in completing the transaction. We simply need more time to work out the details, GE Energy Financial Services spokesman Andy Katell said.
The partners said they had court approval to continue combing through the books of the Dokie Ridge wind project in northeastern British Columbia until Aug. 5. The due diligence was supposed to be finished on July 20.
GE and Plutonic, a small Canadian hydro-electric producer, announced on June 1 that they planned to buy the uncompleted 300-megawatt project, whose owner EarthFirst Canada filed for creditor protection last year.
It marks Plutonic's first venture into wind power.
Although a final price for the deal has not been reached, it would include paying off the C$26 million ($24 million) EarthFirst owes to a secured creditor and the cost of completing the facility, which would begin production next year.
EarthFirst estimated that completing the wind power project would cost about C$250 million, including unpaid bills, but Plutonic and GE are still reviewing those figures.
(Reporting by Nicole Mordant)