Mainstream Renewable Power has signed a C$840 million joint-venture deal with wind farm developer Alberta Wind Energy Corp. (AWEC) to build an initial portfolio of over 400 MW of wind energy plants in Alberta by 2013.
The joint-venture company plans to have 46 MW in operation in 2010, with an additional 62 MW due for completion in 2012.
The 46 MW Old Man River project, located in the Pincher Creek area of Alberta, is in the final stages of development and will be ready for construction later this year, while the 62 MW Windy Point Wind Farm is due to be fully operational by 2012.
Under the terms of the agreement, Mainstream holds an 80% share of the joint venture, with AWEC taking a 20% stake.
‘Demand for electricity in the area is growing, while fossil fuel generating stations are nearing the end of their lives and will require decommissioning or refurbishment,’ says Stewart Duncan, president and CEO of AWEC. ‘A recent forecast by Alberta's Electric System Operator indicated that Alberta will need an additional 5,000 MW of generation by 2017. Furthermore, Southern Alberta has some of the best wind sites for power generation anywhere in onshore North America.’
SOURCE: Mainstream Renewable Power
