Canadian Hydro to Acquire GW Power Corporation

Canadian Hydro Developers, Inc. will acquire all the issued and outstanding common shares of GW Power Corporation (GWP), a privately held energy company that owns 50% of the 70.5-megawatt (MW) Soderglen Wind Plant, located in southern Alberta.

GWP also has prospects for the development of up to 145 MW of wind power located in Alberta and Ontario. “The acquisition of GWP provides Canadian Hydro with an interest in a brand-new wind plant that is highly complementary to our asset base and operating platform in Alberta, as well as solid wind prospects in Ontario and Alberta for future growth,” said John Keating, CEO of Canadian Hydro. Soderglen Wind Plant is situated on 3,900 acres of privately owned, prairie grasslands and cultivated farmland. Commercially operational in September 2006, the Soderglen Wind Plant consists of 47 GE 1.5-MW SLE wind turbines and is expected to generate approximately 240,000 MWh (120,000 MWh net to Canadian Hydro’s interest) per year of power. The power generated by Soderglen Wind Plant is presently sold on a spot basis into the Alberta power market. In addition, GWP has a Wind Power Production Incentive Contribution Agreement with Natural Resources Canada whereby it will receive $8 per MWh for 10 years from NRCan in addition to the price received for the sale of power on the Alberta power market.
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