Wind Power

Partnership for 20 MW New Brunswick Wind Farm

[RenewableEnergyAccess.com] Clean Power Income Fund and Western Wind Energy completed a joint agreement to develop, construct, finance and operate a 20 MW wind power generating facility in Grand Manan, New Brunswick. Western Wind will act as the construction manager, and upon completion, as operator of the facility. The project has received federal and provincial environmental impact assessment approvals to proceed with construction and operation. Clean Power will invest $7 million to acquire a 50 percent stake in the power generating facility. Over the 20-year term of the power purchase agreement that has been negotiated with New Brunswick Power, the facility is expected to produce revenue in excess of CAD$90 million (US$ 75 million). The $31.2 million (US$ 26 million) facility is scheduled for completion and commissioning by the end of 2005. Clean Power will negotiate a $22.5 million (US$ 19 million) 20-year senior debt facility that will be used to fund the construction and operation of the plant. Clean Power has been granted a three-year right of first offer and negotiation on any further projects that Western Wind may develop in North America. Currently, Western Wind is developing a further 515 MW in North America.