The significant presence of Inveravante bolsters the future of Shear Wind’s projects in the growing renewable energy markets in Nova Scotia and across Canada," said Mike Magnus, President & CEO, Shear Wind Inc. "It further provides the ability to explore complementary opportunities to further expand wind energy projects". "It’s great news, and a strong endorsement of Shear Wind’s business model," he added.
Inveravante, a privately held Spanish- utility conglomerate, has alliances and projects for renewable energy and wind power in Spain, Brazil, Peru, Dominican Republic, Mexico and Costa Rica.
"Canada has a clear commitment to wind energy and a great potential in the field of renewable energy," said Manuel Jove Capellan, President of Inveravante.
The five member board of directors of Shear Wind will consist of three representatives of Inveravante, including Manuel Jove Capellan. Michael J. Wheatley and Gary F. MacKenzie will continue their functions as directors. Mr. Magnus will remain as President & CEO, Ian Tillard as COO and Bill Bartlett as CFO.
The Private Placement will help Shear Wind to build on its business plan and the development of the Glen Dhu Project, in particular, which is anticipated to benefit local Nova Scotia communities, as the renewable sector grows.
Inveravante is a Spanish utility conglomerate founded at the beginning of 2007 by Mr. Manuel Jove Capellan, one of the most prestigious businessmen in Europe, who thus stayed within his industrial vocation after selling Fadesa Inmobiliaria. Inveravante is the brand or corporation name that groups together a complex company network and different business areas, sharing an extraordinary strategic vision of the global economy.
In its pursuit of innovation and excellence, Inveravante plans a strategic investment of EUR 7 billion (EUR 3.4 billion of which corresponds to the investment carried out in the BBVA) to be developed between 2007 and 2011.