Renewables investor acquires 1GW wind portfolio

CANADA: Canadian renewables investor Alterra Power Corp has acquired a portfolio of wind development assets at four sites in coastal British Columbia with a potential combined installed capacity of 1GW.

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Alterra announced yesterday that it had bought the portfolio from a group of sellers led by English Bay Energy. It comprises four early-stage wind farm sites located on Banks Island, Porcher Island and McCauley Island — all within 150 kilometres of several proposed power-intensive LNG plant sites at Kitimat — and at Knob Hill on northern Vancouver Island, close to a proposed 99MW wind farm near Cape Scott.

The projects have an estimated generation capacity of over 1GW for the four sites, which have between two and six years of wind data collected from meteorological towers.

In consideration for the assets, the sellers will receive royalty payments during the operations phase of the projects, and under certain circumstances the sellers may receive additional compensation of up to 1.34 million Alterra shares.

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