Sitka Power Acquires Renewable Assets from Saturn
Deal News | Feb 18, 2025 | Globenewswire
Sitka Power Inc. has successfully acquired a portfolio of renewable electricity generation and battery energy storage assets from Saturn Power Inc. The assets, totaling approximately 39 megawatts, include wind, solar, and battery storage facilities located in Ontario and Saskatchewan. This acquisition aligns with Sitka Power's strategy to grow its presence in the renewable energy sector across Canada and follows the company's formation in November 2024. The assets provide long-term, stable cash flows as their output is sold under long-term contracts to creditworthy counterparties. Backed by a private infrastructure fund managed by an affiliate of Long Life Capital Inc., Sitka Power plans to expand further by acquiring additional renewable energy projects nationwide.
Sectors
- Renewable Energy
- Energy Storage
Geography
- Canada – The transaction and assets are located in Canada, with specific mention of Ontario, Saskatchewan, and the company's base in Alberta.
Industry
- Renewable Energy – The article revolves around the acquisition of wind, solar, and battery energy storage assets, which are pivotal components of the renewable energy industry.
- Energy Storage – Battery storage is a significant part of the assets acquired, highlighting the relevance of energy storage in the transition to renewable energy.
Financials
- 39 megawatts – The capacity of wind, solar, and battery energy storage assets acquired in megawatts.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sitka Power Inc. | Buyer | Company | A Canadian renewable energy developer and independent power producer, newly formed in November 2024. |
| Saturn Power Inc. | Target and Seller | Company | A company that owned the portfolio of renewable and battery storage assets and sold it to Sitka Power. |
| Long Life Capital Inc. | Financial Backer | Company | An affiliate of this company manages the private infrastructure fund backing Sitka Power. |