Quantum Subsidiary Signs Agreement For Ontario Wind Farm
| in News Departments > Projects & Contracts |
| Quantum Fuel Systems Technologies Worldwide Inc. has announced that its wholly owned subsidiary Schneider Power Inc., through its wholly owned subsidiary Trout Creek Wind Power Inc., has entered into a strategic agreement with an unnamed wind turbine manufacturer. Under the agreement, the company will purchase and deploy the manufacturer's wind turbines for the 10 MW Trout Creek Wind Farm in Ontario, subject to the manufacturer providing a maximum of C$24 million to finance the construction of the generation facility. According to Quantum, the agreement provides for the wind turbines to meet the 50% local-content requirement as stipulated by the Ontario government's feed-in-tariff program and is subject to certain conditions, including receipt of regulatory and other third-party approvals. The Trout Creek Wind Farm is expected to be completed in fall 2013, and the electricity generated by the project will be sold to the Ontario Power Authority under a 20-year power purchase agreement at $135/MWh. Schneider Power has secured a 20-year crown land concession and has completed the required wind studies to finalize the design of the wind farm. Also, local utility Hydro One Networks Inc. has granted grid interconnection to an existing high-voltage transmission line near the property. |
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