Today, Quantum Fuel System Technologies Worldwide announced that Schneider Power, its wholly owned subsidiary, has completed the sale of its 1.6 megawatt (MW) Providence Bay operational wind farm to Leader Resources. The purchase price included an amount of CAD $406,000 as well as the assumption of around CAD $1.1 million in bank debt and certain other projected related liabilities.
Recently, Schneider Power also entered into a non-binding letter of intent to sell its 1.0 MW development project in the Bahamas, which is expected to close in the coming months.
Previously, Quantum announced it had entered into a separate nonbinding letter of intent with an unrelated third party to sell Schneider Power’s 10.0 MW Trout Creek wind farm development project, along with certain other Schneider Power development projects; the company also received formal offers and letters of interest for Schneider Power’s 10.0 MW Zephyr operational wind farm.
“We are pleased to begin closing these wind farm transactions that (are) providing the company cash and reducing the associated debt with these wind farm projects,” said Quantum President and CEO Brian Olson. “The company remains committed to disposing all of Schneider Power’s operating assets and development projects in order to generate meaningful cash proceeds and reduce the amount of debt on our balance sheet.”
Quantum Fuel Systems Technologies Worldwide is a global leader in natural gas fuel storage systems innovation, development, and production as well as the integration of vehicle system technologies, including engine and vehicle control systems and drivetrains. The company is the producer of one of the world’s most innovative, advanced, and lightweight compressed natural gas storage tanks, supplying these tanks – and fully integrated natural gas storage systems – to truck and automotive OEMs and aftermarket and OEM truck integrators. The company offers low emission and fast-to-market solutions that support the integration and production of natural gas fuel and storage systems; hybrid, fuel cell and specialty vehicles; and modular, transportable hydrogen refueling stations.
For more information, visit www.qtww.com
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