Canadian Hydro expands into Quebec with plan to buy Le Nordais 99 MW plant

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Calgary's Canadian Hydro Developers is expanding into the Quebec market with a plan to buy the 99 MW Le Nordais wind plant on the Gaspé Peninsula for C$120.75 million, including the assumption of C$6.3 million in debt. "As part of our strategic plan, we have identified Quebec as an area for our future expansion," says CEO John Keating. Le Nordais has been operating for eight years under a power purchase agreement (PPA) with Hydro-Quebec that expires in December 2033. The site offers an opportunity for a 70 MW expansion, whose output would be sold under the terms of the existing PPA. The expansion could be completed in 2010 if regulatory approvals are received.

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