Li Ka-Shing’s CK Group Buys Wind Power Assets in Western Canada

(Bloomberg) -- A unit of Hong Kong billionaire Li Ka-shing's empire has purchased two wind power facilities in the Okanagan region of British Columbia, Canada.

CK Group's Canadian Power Holdings Inc. will acquire 100% of Okanagan Wind, which generates 30 megawatts of power from the two wind farms, according to a statement. The C$53.3 million ($41.7 million) deal includes the assumption of debt.

All of the electricity generated by Okanagan Wind is sold under an inflation-linked deal with the province's hydro and power authority.

Canadian Imperial Bank of Commerce advised Canadian Power on the deal, which is expected to close toward the end of the second quarter.

Li, Hong Kong's second-richest man according to the Bloomberg Billionaires Index, recently merged one of his other Canadian assets, Husky Energy Inc., with a larger company after years of mounting losses. Li and one of his companies remain top shareholders in merged entity, Cenovus Energy Inc.

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