Canadian Hydro Updates Wolfe Island Wind Project

NAW Staff, Monday 16 February 2009 - 01:00:00

Canadian Hydro Developers Inc., through its wholly owned subsidiary, Canadian Renewable Energy Corp., says that its 197.8 MW Wolfe Island Wind Project is expected to achieve a target in-service date of June 30. The previously announced date was March 31.

Harsher than expected winter weather conditions have pushed back the project completion, and as a result, the project schedule has been revised for the remainder of the winter - reducing the total number of turbines erected each week based on performance to date.

The updated schedule has resulted in a revised expected capital cost from $450 million to $475 million - a 6% increase. The $25 million capital cost increase will be funded through available internal sources.

In spite of the various winter weather challenges, construction continues to progress at Wolfe Island, with 45 of the 86 turbines fully erected and the laying of the 7.8 km submarine cable completed. All turbines and components have been delivered to Wolfe Island, and work is under way on the interconnection to the mainland. It is expected that the first two of six electrical circuits, which comprise approximately 30 wind turbines, will provide energy to the provincial grid by April.

"Our staff, contractors and subcontractors have performed admirably in the face of adverse working conditions, and we are proud of them for all that has been accomplished to date," says John Keating, CEO of Canadian Hydro.

The project is owned and will be operated by Canadian Hydro. It is expected to generate approximately 594 GWh annually of renewable energy. The project has a 20-year renewable energy supply contract with the Ontario Power Authority for the purchase of electricity and renewable energy certificates and will receive funding under the federal ecoENERGY for renewable power program.

SOURCE: Canadian Hydro Developers Inc.





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