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2.5 Billion Dollar Wind Farm to be Built in Labrador |
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Written by Wire Services
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Tuesday, 17 January 2006 |
Toronto-based wind energy developer, Ventus Energy Inc, and Metis Energy Corporation, a subsidiary of Metis Development Corporation, announced today plans to develop a $2.5 billion wind farm near Churchill Falls, Labrador with anticipated construction to begin in 2007.
Through a newly-created partnership, Labrador Ventus Limited Partnership, the wind farm will be the largest in Canada with an installed nameplate capacity of 1,000 megawatts. This new generation facility, to be called "Height of Land Wind Park", is expected to produce over three terawatt hours of electricity per year which will produce enough zero-emission electricity to power 500,000 homes and displace the equivalent of three million tonnes of carbon dioxide per year.
"We spent much of the last year carefully evaluating our potential partners for this innovative development opportunity," says John Douglas, President and Chief Executive Officer of Ventus Energy Inc. "Over time, the choice became obvious. Who better to proceed with than the people of Labrador?"
Ventus Energy forged a relationship with Metis Development Corporation, and had preliminary discussions with the Innu, Government of Newfoundland and Labrador and Newfoundland and Labrador Hydro. "We are very keen to ensure that the concerns of the Innu and Innu business community, and other residents of Labrador, are fully considered in this development," says Mr. Douglas. "We look forward to participating with the province in the evolution of its energy plan and firmly believe there is a viable role for an independent power producer."
Labrador Metis Nation President Chris Montague says the development will advance Labrador into the 21st Century as a world leader in wind energy. "We are very impressed with Ventus as a developer, and we look forward to working with them in this exciting project," he says. "This is a sound environmentally-friendly project that will result in benefits for the people of Labrador, the province, and the entire country."
This private-sector solution to energy development will not require any provincial or federal grants or loans in order to proceed. Negotiations of a power purchase agreement to sell the expected annual production are currently under way with potential customers. |
