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20 October 2006 -- Airtricity, Inc. has entered into an agreement to acquire Gale Force Energy, a Toronto-based wind farm developer with 30 projects under development in Canada.
Declan Flanagan, the General Manager of Airtricity's North American operations commented, "This is just the beginning of our plans for growth in Canada and we hope to announce further strategic partnerships and acquisitions in the coming year."
Under the terms of the acquisition, the senior management and development team of GFE will remain in place, and the Company's head office will stay in Toronto.
Airtricity and GFE said in a joint statement that a major issue for small developers in Canada is the international shortage of wind turbines. Airtricity has an inventory of more than 500 MW of turbines and GFE looks to take advantage of the supply to increase its presence in Canada. "Having a supply of turbines with locked-in pricing provides a significant competitive advantage for our projects in Canada," said Greg Coleman, the founder and CEO of GFE.
Romspen Investment Corporation, which manages a $300 million commercial mortgage fund, provided GFE with its initial financial backing. "The wind power industry is developing rapidly in Canada", said Wes Roitman, Romspen's CFO, "and the time was right for GFE to move to the next level."
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