Wasatch Wind offshore wind deal
Posted: 30 September 2009
Wasatch Wind has signed a deal to sell the rights to a 4,400 MW offshore wind project in Lake Erie, 5 - 30 kilometers off the Ontario coastline, to Canadian Hydro Developers, Inc.
If completed to capacity, the project would power more than two million homes and represent the largest offshore wind facility in the world.
Wasatch Wind had identified Ontario as an area of interest for wind energy development due to its supportive political climate for renewable energy. The company retains other wind development projects in Ontario including land-based projects, which are also eligible for Ontario’s FIT program.
"As a result of our in-depth analysis, we determined that certain areas of the Great Lakes have exceptional potential as wind energy development sites," said Michael Cole, Vice President of Special Projects for Wasatch Wind.
"Based on our early development efforts we were able to successfully attract the interest of several potential investors and partners. We selected Canadian Hydro based on their renewable energy leadership in Ontario."
Wasatch Wind created a plan of development that outlines a timeframe over several phases of construction, with the first phase of the project estimated to be online in 2014. The company then sought partners with proven financial and offshore development capabilities to make the project a reality. Canadian Hydro, which currently generates 40 per cent of Ontario’s renewable energy, expressed interest in constructing, owning and operating the wind farm. Final terms were agreed to on September 27, 2009.
"We are thrilled that our development expertise and leadership in recognizing opportunities may lead to the construction of one of the world’s largest renewable energy facilities. The resources and knowledge that we have gained during this process will allow us to accelerate our efforts in developing and owning wind projects in our primary area of focus, the U.S. Intermountain West," said Tracy Livingston, CEO of Wasatch Wind, Inc.
Posted by Richard Price, Editor, EnergyME.com
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