The wind turbine manufacturer will provide Trout Creek with a maximum of $24m to finance the construction of the generation facility.
Trout Creek Wind Power will purchase and deploy the manufacturer’s wind turbines for the 10MW Trout Creek wind farm.
The manufacturer and Trout Creek have agreed to execute a definitive financing agreement by 31 December 2012.
The agreement also 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.
Once completed in the fall of 2013, the electricity generated by the Trout Creek wind farm will be sold to the Ontario Power Authority under a 20-year power purchase agreement per the Ontario Government’s Feed-In-Tariff program at $135/MWh.
Schneider Power has secured a 20-year crown land concession and has successfully completed the required wind studies to finalize the design of the wind farm.
Schneider Power is a subsidiary of Quantum Fuel Systems Technologies Worldwide.
