SkyPower Wind Energy Fund LP said it ceased all work on the Terrawinds wind energy project at Riviere-du-Loup, Quebec.
SkyPower Wind Energy said it was unable to obtain from the regional municipality revisions to certain zoning regulations that would enable it to construct the energy park in a timely and economically viable fashion. The fund said is evaluating all of its options and the impact to unit holders and will provide further updates in the coming weeks. SkyPower Wind Energy is a partnership that invested in the common shares of Terrawinds Resources Corp., a Canadian corporation that planned to build and operate 26 test wind turbines for an energy project in the Canadian province of Quebec near the St. Lawrence River. If the test were to be successful, the company had expected to build and operate an additional 108 wind turbines at the site. The plan was to sell the power from the wind energy park to the province-owned utility, Hydro-Quebec, under a 21-year agreement. In December, SkyPower Wind Energy said it had completed the initial public offering of 7.7 million limited partnership units at a price of CAN$10 a unit for gross proceeds.
