Canadian Renewable Energy Corporation, a wholly owned subsidiary of Canadian Hydro Developers, Inc. (Canadian Hydro), said that the Federal Environmental Assessment has been completed and it has signed agreement with the Government of Canada for funding for the 197.8 megawatt (MW) Wolfe Island wind project near Kingston, Ontario. It is expected to generate 594 GWh of renewable power, enough to supply about 75,000 average households. Capital cost of the project is estimated to $450 million.
Funding will be provided under the ecoENERGY for renewable power program.
The Wolfe Island wind project is 100% owned and will be operated by Canadian Hydro.
The project is well under construction. The target commercial operation date is March 31, 2009. Under the ecoENERGY for Renewable Power program, the Wolfe Island Wind Project will receive a $10 per MWh incentive over the next ten years, in accordance with the terms of the agreement.
“Our Government is committed to increasing Canada’s supply of clean, renewable energy,” said Lisa Raitt, minister of natural resources. “This investment will help us achieve our goal, while ensuring that the clean energy produced is delivered to Canadians at affordable prices.”
“The ecoENERGY for Renewable Power program demonstrates the Government of Canada’s support of renewable energy,” said John Keating, chief executive officer of Canadian Hydro. “This program puts Canada on a competitive playing field with other renewable energy incentives worldwide. We encourage the Government of Canada to extend the program beyond its current capacity to support continued future growth of our industry and the development of green jobs for Canadians.”