Brookfield Renewable Power Fund has begun construction of the Gosfield Wind project in Essex County, Ontario. The project is expected to have an installed capacity of 50 MW.
Power produced from Gosfield Wind will be sold at a fixed price to the Ontario Power Authority under a 20-year power purchase agreement and is expected to qualify for the Canadian federal government's ecoENERGY program for renewable energy.
Brookfield Renewable Power Fund has obtained non-recourse debt financing commitments from two banks for the construction and first three years of commercial operation for the project. The equity portion will be funded from cash on hand and operating cash flows.
Mortenson Canada Corp. will lead construction of the project, which will utilize 22 Siemens SWT-2.3-101 turbines. The project will employ up to 150 workers during peak construction and has a target commercial operation date of late 2010.
SOURCE: Brookfield Renewable Power Fund