The $7 million payment was triggered by commencement of construction of the Cape Scott Wind Farm.
In addition to payments related to the original asset purchase transaction and to subsequent milestone achievements of the Cape Scott Wind Farm, Sea Breeze expects to receive an ongoing royalty based on a percentage of gross revenue earned by the project through a 20-year Electricity Purchase Agreement with British Columbia Hydro and Power Authority (BC Hydro). Sea Breeze also holds an option to acquire a 10 percent equity interest in the Cape Scott wind project.
The Cape Scott Wind Farm is situated 35km west of Port Hardy on northern Vancouver Island, within the traditional territories of the Quatsino, Tlatlasikwala, and Kwakiutl First Nations.
Phase 1 of the project is projected to generate sufficient renewable power to provide for the annual electricity needs of approximately 100,000 British Columbians. Commercial operation of the Cape Scott Wind Farm is scheduled to begin in 2013.
Paul Manson, president of Sea Breeze, said: "We are extremely pleased that IPC, an affiliate of GDF SUEZ the world's largest producer of electricity, has decided to invest in this region, and in this project. The local addition of 99 megawatts of clean and renewable energy....Sea Breeze starts construction of Cape Scott Wind Farm
No comments:
Post a Comment