17 AAER Wind Turbines to Power 25.5 MW Wind Farm in BC

AAER Inc., a Montreal-based wind turbine manufacturer, announced today that it has entered into an agreement for the sale of 17 of its 1.5-megawatt (MW) wind turbines to Richmond, British Colombia-based Katabatic Power Corp., a privately held wind farm developer with contracts to sell renewable energy in BC.

This sale represents total revenues ranging between CDN$35 and $80 millions for AAER, when considering all options and related maintenance contracts. Under the terms of the deal, AAER will deliver 17 of its model A1500-77 wind turbines during the last quarter of 2007 for use at Katabatic’s Mount Hays wind project near Prince Rupert, BC. Katabatic also retains the option to purchase an additional 17 turbines from AAER in 2008. AAER will maintain and service the turbines for the first six years. The sale is to be reflected in definitive agreements to be entered into shortly. “AAER’s turbine technology is proven in the field, and is ideally designed for the outstanding wind resource along the BC coast,” said Jonathan Raymond, COO of Katabatic Power Corp. “Over the next decade, Katabatic’s core business will focus on developing British Columbia’s significant wind resources, and partnering with a strong turbine manufacturer like AAER is a critical component of our growth strategy.” In September 2006, Katabatic signed a 25-year electricity purchase agreement with BC Hydro, the Province’s primary electricity provider, for the output of the 25.5 MW Mount Hays wind farm. The project will be the first commercial wind farm in the Province, providing electricity to BC Hydro customers in late 2007. Katabatic is also in initial stages of development of a 3,000 MW wind farm on Banks Island, BC. That project, which would break ground in 2009, would be one of the world’s largest wind energy facilities.
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