Ventus Energy Inc. has filed a preliminary prospectus in connection with a proposed initial public offering of limited partnership (LP) units of Ventus Energy West Cape Windpower LP.
Ventus Energy intends to raise up to CAN$55 million through the offering of LP units priced at CAN$10.00 per unit. Ventus Energy Inc. through its wholly owned subsidiary, Ventus Energy West Cape General Partner Limited, is the general partner of the limited partnership. Ventus Energy West Cape Windpower LP, is established to invest in Class A shares, most of which will be Flow Through Shares, of West Cape Wind Energy Inc. that intends to construct and then operate 11 test wind turbines for the purpose of conducting a 120 day test and, if successful, construct and operate an additional 44 wind turbines to create a 99MW wind energy project near O’Leary, Prince Edward Island. West Cape Wind Energy was established and funded by Ventus Energy Inc. for the purpose of developing, constructing and operating the West Cape Facility. The net proceeds of the offering will be used for repayment of the notes owed by West Cape to Ventus Energy Inc.