Katabatic Power Corp., a wind energy developer based in Richmond, British Columbia, has formed a joint venture with Deutsche Bank AG, a Germany-headquartered investment bank, to develop a wind farm in northwestern British Columbia.
Under the terms of the agreement, Katabatic will develop the first 700 MW of the 3,000 MW Banks Island Wind Farm. According to the companies, construction is scheduled to commence in early 2009. Development efforts over the next two years will focus on project design, environmental permitting, turbine supply and electricity purchase agreement acquisition.
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. Katabatic will apply for an electricity purchase agreement with BC Hydro for the wind farm in 2007, the company adds.