Wasatch Wind Sells Rights to 4,400-MW Offshore Project

Wasatch Wind Inc. has announced the signing of a transaction to sell the rights to a 4,400-megawatt (MW) offshore wind project in Lake Erie to Canadian Hydro Developers Inc. Wasatch Wind had identified Ontario, Canada as an area of interest for wind energy development due to its supportive political climate for renewable energy.

The company retains other wind development projects in Ontario including land-based projects, which are also eligible for Ontario’s feed-in tariff program.

“As a result of our in-depth analysis, we determined that certain areas of the Great Lakes have exceptional potential as wind energy development sites,” said Michael Cole, VP of special projects for Wasatch Wind. “Based on our early development efforts we were able to successfully attract the interest of several potential investors and partners. We selected Canadian Hydro based on their renewable energy leadership in Ontario.”

Wasatch Wind created a plan of development that outlines a timeframe over several phases of construction, with the first phase of the project estimated to be online in 2014. The company then sought partners with proven financial and offshore development capabilities to make the project a reality. Canadian Hydro, which currently generates 40% of Ontario’s renewable energy, expressed interest in constructing, owning and operating the wind farm. Final terms were agreed to on September 27, 2009.

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