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% and is eligible for the Ontario Green Energy Act’s Feed-In-Tariff 20-year contract at a price of $190 per MWh. Canadian Hydro anticipates that the Offshore Wind Prospect will be built in stages, with the first 400 to 500 MW to come online by the fourth quarter of 2014.
“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.”
"As a result of our in-depth analysis, we determined that certain areas of the Great Lakes have exceptional potential as wind energy development sites,” said Michael Cole, VP of special projects for Wasatch Wind. “Based on our early development efforts we were able to successfully attract the interest of several potential investors and partners. We selected Canadian Hydro based on their renewable energy leadership in Ontario.”
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