Canadian Hydro Developers, Inc. has entered into a definitive agreement to acquire the rights to a 4,400MW offshore wind prospect (Offshore Wind Prospect ) in Ontario from Wasatch Wind, Inc., a private US based renewable energy company.
When completed, this facility would be the largest offshore operation
in the world. The agreement is subject to customary due diligence and
the terms are confidential. The Offshore Wind Prospect is located
approximately 5 to 30 kilometres offshore in one of the Great Lakes
bordering Ontario, near available transmission interconnection.
Canadian Hydro anticipates that the Offshore Wind Prospect will be
built in stages, with the first 400 to 500MW to come online by the
fourth quarter of 2014. Regulatory and environmental permits and
approvals, site release from the Ontario Ministry of Natural Resources,
and financing are required prior to proceeding with construction.
