Under the terms of the agreement, each party will own a 50% interest in the project. Greengate will lead development, while Capital Power will manage construction and operation of the wind farm.
Commercial operation is targeted for late 2011 or early 2012, contingent upon the satisfaction of several conditions, one of which is that a material portion of the revenues from the wind turbines project be contracted through long-term fixed-price agreements.
Upon completion, the Halkirk I Wind farm is expected to be Alberta’s largest operating wind power project with a total generating capacity of 150 MW. The wind farm is located in Central Alberta in the County of Paintearth near the Village of Halkirk, approximately 275 km northeast of Calgary.
"Partnering with Capital Power validates Greengate’s transmission focused development strategy," said Dan Balaban, President and CEO of Greengate. "Teaming our development expertise and high quality projects with Capital Power’s successful track record of constructing and operating power projects is a recipe for success."
Greengate is a privately held renewable energy project developer based in Calgary, Alberta. Focused on the development of quality wind energy projects across Alberta with access to existing transmission, Greengate is currently developing 1,550 MW of wind energy projects on approximately 200,000 acres of private land. Greengate’s vision is to be Canada’s largest pure-play renewable energy producer.