CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Sitka Power Inc. (“Sitka Power” or “the Company”) is pleased to announce the successful acquisition of a portfolio of operating renewable electricity generation and battery energy storage assets from Saturn Power Inc. (“Saturn Power”). The transaction was by way of acquisition of Saturn Power’s limited partnership units and general partnership shares in certain limited partnership entities. These partnerships own and operate approximately 39 megawatts of wind, solar, and battery storage assets located in Ontario and Saskatchewan. Output from the projects is sold under long-term contracts to creditworthy counterparties, providing long-term, stable cash flows to the Company.
Trevor White, President and CEO of Sitka Power, highlighted the strategic importance of the acquisition, stating, “This acquisition aligns with our strategy to acquire contracted renewable and battery energy storage assets in key Canadian target markets. We are committed to the safe and reliable operations of these assets, providing clean electricity to our customers while contributing to a more sustainable future.”
Douglas Wagner, President of Saturn Power, added, “The team at Sitka Power is an experienced owner and operator of renewable electricity and battery storage assets. We are confident that these projects will continue to thrive under their stewardship, delivering value to stakeholders.”
This acquisition marks a significant milestone for Sitka Power as this is its first transaction since formation in November 2024. The Company plans to further expand by acquiring operating wind, solar, run-of-river hydro, and battery energy storage assets, as well as by developing new renewable energy projects across Canada. Sitka Power is backed by a dedicated private infrastructure fund managed by an affiliate of Long Life Capital Inc.
For more information, please contact:
Trevor White
President and Chief Executive Officer
Sitka Power Inc.
1-866-467-4852
info@sitka-power.ca
About Sitka Power Inc.
Sitka Power is a small scale Canadian renewable energy developer and independent power producer, headquartered in Calgary, Alberta, who is active in British Columbia, Alberta, Saskatchewan, and Ontario
For more information visit www.sitka-power.ca....
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