Greengate Power Corp., through its wholly owned subsidiary Halkirk I Wind Project LP, has entered into a joint-venture agreement to develop, construct and operate the Halkirk I project with Capital Power Corp., through its subsidiary Capital Power LP.
Under the terms of the agreement, each party will own a 50% interest in the project. Greengate will lead development, while Capital Power will manage construction and operation of the project. Commercial operation is targeted for late 2011 or early 2012, contingent upon the satisfaction of several conditions, one of which is that a material portion of the revenues from the project be contracted through long-term fixed-price agreements.Â
Upon completion, the project is expected to have a total generating capacity of 150 MW. The project is located approximately 275 km northeast of Calgary.Â
SOURCE: Greengate Power Corp.
