Australian-Canadian deal to develop over 500 MW in North America

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Australia's Pacific Hydro and Canada's Western Wind Energy Corporation, based in British Columbia, have formed a joint venture to develop more than 500 MW of wind projects in North America, beginning with more than C$900 million in power sales agreements Western Wind holds with three utilities in Canada and the US. Pacific Hydro has made three separate investments in Western Wind, taking a C$9 million equity stake in the company to own about 26% of its issued capital. The Australian company also holds an option to buy more over the next two years. The joint venture equity will be split 51-49 in favour of Pacific Hydro. Western Wind has ordered 15 Mitsubishi 1 MW turbines for a project in Arizona and is negotiating a turbine supply agreement for third quarter 2006 delivery for its 20 MW Grand Manan project in New Brunswick. It is developing a 120 MW project under a contract with Southern California Edison and is buying the 4.5 MW Windridge project in Tehachapi. Pacific Hydro has three operating wind farms in Australia with a combined capacity of 100.7 MW and another 1500 MW of development potential.

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