Greengate Power Corp., through its wholly-owned unit Halkirk I Wind Project L.P., reached a joint venture agreement to develop, construct and operate the Halkirk I Wind Project with Capital Power Corp., through its subsidiary Capital Power L.P. As per the deal terms, each party would own a 50% interest in the project.
Greengate said it would lead development, while Capital Power would manage construction and operation of the project. Commercial operation is targeted for late 2011 or early 2012, contingent upon the satisfaction of several conditions, one of which is that a material portion of the revenues from the project be contracted through long-term fixed-price agreements.
Upon completion, the Halkirk I Wind Project is expected to be Alberta's largest operating wind energy project with a total generating capacity of 150 MW.
