The Offshore Wind Prospect is located approximately five to 30 kilometres offshore in one of the Great Lakes bordering Ontario, near available transmission interconnection. It has an estimated net capacity factor of 40 per cent. The Offshore Wind Prospect is eligible for the Ontario Green Energy Act’s Feed-In-Tariff 20-year contract at a price of $190 per MWh, subject to 100 per cent of Ontario consumer price index ("CPI") inflation from contract signing to commercial operations and 20 per cent of Ontario CPI annually thereafter. Canadian Hydro anticipates that the Offshore Wind Prospect will be built in stages, with the first 400 to 500 MW of wind power to come online by the fourth quarter of 2014. Regulatory and environmental permits and approvals, site release from the Ontario Ministry of Natural Resources, and financing are required prior to proceeding with construction.
"This is a tremendous growth opportunity for our company and our shareholders, and a perfect fit with our long-term strategy and position as a market leader in Canada. We expect the Offshore Wind Prospect to give Canadian Hydro years of strong, double-digit growth and to provide our shareholders with attractive returns," said Kent Brown, Chief Executive Officer. "Canadian Hydro already owns and operates the two largest wind facilities in Canada. We are leading the way in Ontario by generating 40 per cent of the province’s installed renewable energy capacity, and we are eager to pioneer offshore wind in Ontario and North America."
About Canadian Hydro
"Recognized as one of Jantzi/Maclean’s Top 50 Responsible Corporations in Canada"
Canadian Hydro is committed to Building a Sustainable Future®. The Company is the largest and most diversified developer, owner, and operator of 21 renewable energy generation facilities in Canada totaling net 694 MW of capacity in operation, 160 MW in and nearing construction, and 6,060 MW in development. The renewable generation portfolio is diversified across three technologies (water, wind, and biomass) in the provinces of Alberta, British Columbia, Ontario, and Quebec. This portfolio is unique in Canada as all facilities are certified, or slated for certification, under Environment Canada’s EcoLogoM Program.
About Wasatch Wind, Inc.
Wasatch Wind is an established wind project developer based in Park City, Utah, with activities throughout the U.S. Intermountain West and Ontario, Canada. For more information, visit www.wasatchwind.com.