Canadian Hydro to Acquire Vector Wind Energy

Calgary and Ottawa, Canada [RenewableEnergyAccess.com] Canadian Hydro Developers, Inc. will acquire Vector Wind Energy Inc., positioning it for wind development opportunities in Manitoba, as well as additional wind prospects in Ontario. Manitoba Hydro is expected to issue a request for proposals (RFP) to issue power purchase contracts for up to 300 MW of wind projects prior to the end of 2006, as well as future RFPs for up to an additional 700 MW of wind projects. Some of the wind prospects in Ontario are expected to be eligible for the Standard Offer Contracts (SOC) anticipated to be made available by the Ontario Power Authority by the end of 2006. The price under the SOCs is expected to be $110 per MWh for 20 years for projects 10 MW in size or less. The total cost of the acquisition is estimated to be $6,300,000, including the purchase price for the shares and anticipated acquisition costs.
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