EarthFirst Canada Inc. has acquired the 45 MW Nuttby Mountain wind energy project in Nova Scotia from Atlantic Wind Power Corp. (AWPC). The Nuttby Mountain project is located in the central mountain region of Nova Scotia. A power purchase agreement (PPA) has been signed and an interconnection feasibility study from Nova Scotia Power Inc. has been completed.
EarthFirst is purchasing 100% of the project from AWPC for $75,000, a certain number of common shares of EarthFirst and a small share of gross revenue generated from the project over the life of the PPA with Nova Scotia Power. In addition, AWPC will enter into a service agreement with EarthFirst to provide services through to completion of construction in exchange for a monthly fee and a contingent project completion fee.
‘Nuttby is a good example of EarthFirst's expertise in acquiring advanced-stage wind projects that can be moved forward into construction and operation quickly,’ says Robert Toole, CEO of EarthFirst.
According to EarthFirst, the processes for obtaining an environmental assessment and other municipal and provincial permits are under way. Negotiations for a turbine sale and warranty and service agreements with well-known global wind turbine manufacturers for 2009 delivery have commenced.
