Electric utilities company Synex International (SXI) has completed its acquisition of wind energy development corporation Sea Breeze Power.
The acquisition took place through the company’s subsidiary, Synex Energy Resources, which purchased all issued and outstanding shares in the renewable energy business.
Based in British Columbia, Sea Breeze has projects divided into four regions within the province; North Vancouver Island, Central coast, Okanagan, and East Kootenays. The company is currently discussing the possibility of developing one or more of these sites for green hydrogen.
Sea Breeze’s assets include roughly 18 investigative licenses for wind, solar, and storage sites, which the company has been developing over two decades, at a cost of over C$30 million.
In an announcement, Synex International described its hopes and expectations for the assets which it gained through the acquisition.
“Synex views the acquired wind assets as some of the best-in-class assets in British Columbia, and although there is no certainty that any of these projects will ever be built, Synex believes that wind power is the next generation of green power; and that as British Columbia, Canada, the USA, and the rest of the world recover from the COVID-19 pandemic, the demand for green energy will increase,” the announcement read.
The company expects that, once built, Sea Breeze’s assets could provide up to 4,875 megawatts of green power. If this pans out, this could contribute to the nation’s potential transition to a green hydrogen economy.
Synex International is up 9.09 per cent and trading for $0.24 per share, as of 12:04pm EST.