In an update to its shareholders, Toronto-based developer Atlantic Wind & Solar says the renewable energy projects the company has applied for under the province's feed-in tariff (FIT) are progressing, albeit slowly.
The company notes that it continues to move existing contracts closer to construction, working through issues of timing and connectivity, while preparing for the opening of the Ontario Power Authority's (OPA) resubmission window for many other projects currently in the application phase.
‘The feed-in-tariff-style program remains the best method for governments to encourage the use of renewable energy. It just doesn't seem to work as quickly as everyone expected,’ says Gilles A. Trahan, Atlantic Wind & Solar chairman and CEO. ‘In Ontario, the OPA gave contract holders three years to complete. Everyone, including Atlantic, thought this was an eternity, knowing that these projects could be constructed in 60 to 90 days once all was in place. It seems the OPA had the foresight to expect the unexpected, and here we all are.’
Ontario's new FIT rules have generated much discussion since last October, when the province announced it was reviewing FIT procedures.
According to Trahan, ‘It is generally felt that the new stronger requirements serve to keep the most interested parties involved while companies that thought to dabble in the business move on to other things.’
Looking ahead, the company says it will continue to work in Ontario and anticipates having project completions to announce this fall.
