Canadian Hydro To Acquire 99MW Wind Plant

Canadian Hydro Developers, Inc. announced that it plans to acquire the 99 megawatt (MW) Le Nordais Wind Plant, located on the Gaspe Peninsula in the Canadian province of Quebec for an aggregate purchase price of approximately CAN $120.75 million (USD $120.25 million).

Le Nordais has been in operation for more than 8 years with its power being sold to Hydro Québec under a long-term power purchase agreement (PPA) that expires on December 17, 2033. Based on long-term average forecasts, Le Nordais is expected to generate 165 gigawatt hours of power per year. The acquisition also provides for a potential expansion at the site by up to an additional 70 MW. Canadian Hydro expects the deal to be completed by February 2008.

“As part of our strategic plan, we have identified Québec as an area for our future expansion,” said John Keating, CEO of Canadian Hydro. “With its long history of operations, acquiring Le Nordais should provide us with a smooth entrance into the Québec market, along with an immediate opportunity for growth. We’re excited about our strategic arrival into Québec along with the future opportunities this acquisition brings us.”
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