Canadian utility Boralex Inc. has obtained a better wind power rate for its projects that qualify under the renewable energy standard offer program (RESOP), thanks to new Ontario rules to promote renewable energy.
The first four Boralex wind farms at the Thames River site in southern Ontario, now in its final construction phase, will benefit from a rate of C$121/MWh instead of the C$110/MWh currently offered under the RESOP program.
The new rules also allow Boralex to recover 100% of the funding under the federal ecoENERGY program, which represents an additional C$10/MWh instead of C$5 (or 50% of the eligible amount), as set out in the original program. This change will impact the total annual revenues of approximately C$1.7 million. The wind power facilities are scheduled to start up in the next few weeks.
Furthermore, under advanced RESOP rules, Boralex will be able to qualify five other projects with an installed capacity of an additional 50 MW, under the same conditions, subject to start-up before Dec. 31, 2010.
SOURCE: Boralex Inc.
