JV Forms to Develop Phase 1 of 3000 MW Wind Farm in BC

Katabatic Power Corp. announced a joint venture (JV) with Deutsche Bank AG to develop a wind farm in Northwest British Columbia (BC). Under the terms of the JV, Katabatic will develop the first 700 megawatts (MW) of the full 3,000 MW Banks Island wind resource over the next two years, with construction to commence in early 2009.

The full 3,000 MW project will be owned by Katabatic and Deutsche Bank AG through North Coast Wind Energy Corp., a subsidiary of Katabatic. Development efforts over the next two years will focus on project design, environmental permitting, turbine supply, and electricity purchase agreement acquisition. Total potential investment in the Banks Island wind resource is estimated at C$6 billion. “The Banks Island Wind Farm is a rare find, and the joint venture with Deutsche Bank is a vote of confidence in the resource and Katabatic Power,” said Anthony Duggleby, Katabatic, CEO. “We have a world-class wind resource that’s typically only found offshore, but here we get to work onshore, with good topography and straightforward logistics for construction and turbine delivery — it’s a wonderful opportunity.” Building on the success of its Mount Hays wind farm (25.5 MW), currently under development, Katabatic will apply for an electricity purchase agreement with BC Hydro for the Banks Island project in a call for tenders anticipated in 2007. The Mount Hays project is scheduled to become the first commercial wind farm in the province, providing power to BC Hydro customers by the fall of 2008.
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