According to Toronto-headquartered Schneider Power Inc., the Providence Bay Wind Farm, the company's first operational facility in its planned 1,477 MW wind energy portfolio, has met expectations in power generation for July, helping the company reach revenue targets.
An expansion of the existing Providence Bay facility and three additional wind farms are slated for construction at the end of the year, with an additional 38 MW expected to come online through 2008. Schneider Power predicts continued capacity growth in the coming years, with another 159 MW and 300 MW forecasted for 2009 and 2010, respectively.
‘The market for renewable electricity in North America is worth about $23 billion annually, with the Canadian renewable energy sector continuing to grow at a cumulative annual growth rate of about 34.6 percent,’ says Bernd Schneider, chairman of Schneider Power. ‘The ongoing requirement for utilities to increase their renewable energy portfolio will continue to help fuel growth in this sector, independent of consumer sentiment.’