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 project continues to be economic providing accretive growth to our shareholders, despite incorporating these changes. 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, the laying of the 7.8 kilometre submarine cable completed, all turbines and components on the Island, and work underway on the interconnection on the mainland. It is expected that the first two of six electrical circuits, comprising of approximately 30 wind turbines, will be providing energy to the provincial grid in April.
The project, located on Wolfe Island near Kingston, Ontario, is 100% owned and will be operated by Canadian Hydro. The Project has a 20-year RES II 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.
“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,” said John Keating, chief executive officer of Canadian Hydro.
“We look forward to the completion of construction at Wolfe Island,” said Keating. “The addition of both Wolfe Island and the Melancthon EcoPower Centre more than doubles our size. This is a major milestone for us as we become a larger company capable of self-financing larger projects.”
