Friday, January 20, 2006

Ventus Develop Record Breaking Wind Farm

CarbonFree News: "Ventus Develop Record Breaking Wind Farm

Ventus Develop Record Breaking Wind Farm

Nothing to do with methane emissions but a wind farm that will weigh in at 1000 megawatts and cost $2.5 billion making it the largest built in Canada to date
Toronto-based wind energy developer, Ventus Energy and Metis Energy plan to develop a $2.5 billion wind farm near Churchill Falls, Labrador.

Through a newly-created partnership, Labrador Ventus Limited Partnership, the wind farm will be the largest in Canada with an installed nameplate capacity of 1,000 megawatts. This new generation facility, to be called "Height of Land Wind Park", is expected to produce over three terawatt hours of electricity per year. Development plans include a phased construction approach over a three-year period. Pending regulatory approval, construction could begin in 2007.

"We spent much of the last year carefully evaluating our potential partners for this innovative development opportunity," says John Douglas, President and Chief Executive Officer of Ventus Energy Inc. "Over time, the choice became obvious. Who better to proceed with than the people of Labrador?"

Ventus Energy forged a relationship with Metis Development Corporation, and had preliminary discussions with the Innu, Government of Newfoundland and Labrador and Newfoundland and Labrador Hydro. "We are very keen to ensure that the concerns of the Innu and Innu business community, and other residents of Labrador, are fully considered in this development," says Mr. Douglas. "We look forward to participating with the province in the evolution of its energy plan and firmly believe there is a viable role for an independent power producer."

Labrador Ventus Limited Partnership will conduct public consultations throughout the province beginning in February 2006. "We agreed to partner with Ventus Energy because they have a strong wind energy development team and have been well capitalized by reputable institutional shareholders," says Jamie Snook, General Manager of MDC. "Development plans have been structured to ensure that every dollar possible is spent in the province and that maximum economic benefits accrue to the people of Labrador."

Labrador Metis Nation President Chris Montague says the development will advance Labrador into the 21st Century as a world leader in wind energy. "We are very impressed with Ventus as a developer, and we look forward to working with them in this exciting project," he says. "This is a sound environmentally-friendly project that will result in benefits for the people of Labrador, the province, and the entire country."

The Height of Land Wind Park will have the capacity to produce enough zero-emission electricity to power 500,000 homes and displace the equivalent of three million tonnes of carbon dioxide per year. Local, regional and provincial economic benefits will be significant, providing over 2,000 direct and indirect construction jobs and over 200 direct and indirect long-term operation and maintenance jobs in Labrador.

This private-sector solution to energy development will not require any provincial or federal grants or loans in order to proceed. Negotiations of a power purchase agreement to sell the expected annual production are currently under way with potential customers.