Windlab Limited (ASX:WND) announced today that the exclusivity arrangements under which the potential sale of the Greenwich Wind Park (Greenwich) to Allete Clean Energy Inc (ACE) was being negotiated have expired. Greenwich is a 60MW permitted project in Ohio, USA.
ACE has enjoyed the exclusive right to market the projects’ off-take and held an option to purchase Greenwich under an Exclusive Development and Purchase Option Agreement executed on 26 May 2017. ACE exercised its option to acquire the project on 29 December 2017. Since this time the parties have not agreed definitive documentation to complete the transaction, due to ACE seeking to amend previously agreed terms such that the remaining project risk allocation was unacceptable to WND. ACE’s exclusivity over the project has now expired.
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