Under the terms of the agreement, Pattern Development will own a 50% interest in the 300MW project while Henvey Inlet First Nation subsidiary Nigig Power will own the other 50%.
A 20-year power purchase agreement has also been signed with the Ontario Power Authority (OPA) for 100% purchase of power generated from the wind farm.
Pattern Development is planning to arrange construction and long-term debt financing for the Henvey Inlet wind project in 2016.
Pattern Energy president and CEO Mike Garland said: "We’re honored to partner with Henvey Inlet First Nation in Ontario on this exciting new project, which will take advantage of the strong and steady winds blowing across the Georgian Bay.
"This will be our eighth wind project in Canada and the largest on-reserve wind project to date, creating local jobs and providing a significant new source of revenue for the First Nation."
Pattern Energy Group has added Henvey Inlet project to its list of identified Right of First Offer (ROFO) projects.
Image: Ontario Power Authority has signed a 20-year power purchase agreement with the firms. Photo: courtesy of dan/Freedigitalphotos.net.
