Fiera Axium Infrastructure has increased its stake in ‘Dokie 1,’ a 144-megawatt (MW) wind farm project located in Vancouver, British Columbia, Canada.
The fund manager bought 25 percent of Dokie 1 from Alterra Power Corporation for C$28.6 million ($27.0 million; €19.8 million), according to a press announcement.
Alterra, a publicly traded company headquartered in Vancouver, could net a further C$2.25 million from the sale, based on the performance of the asset, the press announcement noted.
The transaction added to a prior 49 percent interest Fierra Axium held in the project.
In December 2012, fund manager Fiera Axium bought its initial ownership in Dokie 1, along with 60 percent of ‘Toba Montrose,’ a 235MW water power project, from Alterra.
Toronto-headquartered Fiera is jointly held by C$54 billion asset manager Fiera Capital Corporation and Axium Infrastructure Management.
Dokie 1 marked the latest wind power transaction for the firm.
Last month, it announced the completion of a 49 percent purchase of a wind farm in Oregon, a state in the US Pacific Northwest.
Alterra chief executive John Carson in a statement said the sale of its stake in Dokie 1 will “provide substantial capital to support our 2014 growth”.
Renewable power developer Alterra will retain a 26 percent stake in the project.