Canadian Hydro Developers, Inc. announced that it will acquire the rights to develop a 4,400-megawatts (MW)
offshore wind in one of the Great Lakes bordering Ontario, Canada.
The rights will be purchased for an undisclosed amount from Wasatch Wind, Inc., a private U.S.-based renewable energy company.
If fully developed, the facility could be the largest offshore
operation in the world, supplying enough renewable energy to power over two million homes.
The Offshore Wind Prospect is located approximately five to 30 kilometres offshore in one of the Great
Lakes bordering Ontario, near available transmission interconnection, according to a Canadian Hydro release.
The Offshore Wind Prospect is eligible for the Ontario Green Energy Act’s new feed-in-tariff at a 20-year contract price of $190 per MWh.
Canadian Hydro anticipates that the project will be built in stages,
with the first 400 to 500 MW to come online by 4Q14. Regulatory and environmental
permits and approvals, site release from the Ontario Ministry of Natural Resources, and financing are
required prior to proceeding with construction.
“We expect the Offshore Wind
Prospect to give Canadian Hydro years of strong, double-digit growth and to provide our shareholders
with attractive returns,” Canadian Hydro CEO Kent Brown said. “Canadian Hydro already owns and
operates the two largest wind facilities in Canada.”
Canadian Hydro claims to be 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.
Wasatch Wind is an established wind project developer based in Park City, Utah, with activities
throughout the U.S. Intermountain West and Ontario, Canada.