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Canadian Hydro Developers' share deal bolsters prospects in Ontario
1 March 2005
Canadian Hydro Developers in Alberta has bolstered its wind power prospects in the emerging Ontario market by exchanging C$12.1 million worth of its shares to acquire Mississauga's Canadian Renewable Energy Corporation (CREC). As a result of the purchase, the veteran wind developer will own the 3.2 MW Misema hydroelectric plant and the rights to 400 MW of wind and run-of-river hydroelectric prospects CREC had under development in Ontario, including the 300 MW Wolfe Island wind farm. Canadian Hydro expects to bid a portion of Wolfe Island into the Ontario government's next request for renewable energy proposals, expected soon. The purchase also allows Canadian Hydro to keep 100% ownership of its 67.5 MW Melancthon Grey Wind Project, which was awarded a 20 year power purchase contract late last year in the province's first call for renewable energy capacity (Windpower Monthly, December 2004). CREC held an option to acquire 50% of the project. Canadian Hydro recently signed a contract with GE Energy for 45 of the manufacturer's 1.5 MW turbines for the Melancthon Grey project, to be located about 70 kilometres northwest of Toronto. The project will be the first installation in Canada of GE's 1.5 MW model. Construction of the C$120 million project is expected to start in the spring and be complete by March 2006.
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