A Toronto company that wants to build a 64.5 megawatt wind farm north of Picton and on Big Island has filed for court protection from creditors.
Skypower Corporation’s problems are a result of the financial collapse of its majority stakeholder, Lehman Brothers, and it has been trying to restructure outside a court process with its German-led banking syndicate.
It has accumulated 250-million dollars in debt, and can no longer meet repayment obligations.
Skypower, which held an information session in Picton earlier this week, was awarded a 20-year power purchase agreement with the Ontario Power Authority in January for its Bryan Wind Project in Prince Edward County.
