On July 26, 2010, International Power Canada, Inc. and Sea Breeze Power Corp. announced that an agreement (the transaction agreement) has been executed by Sea Breeze Energy Inc., a wholly owned subsidiary of Sea Breeze Power Corp., for the development of Phase 1 (99 MW) of the Knob Hill Wind Farm (the project). Under the terms of the transaction agreement, International Power Canada, Inc. will become the majority owner of Phase 1 of the Knob Hill Wind Farm development. Specific terms of the transaction agreement remain confidential at this time.
The Knob Hill Wind Farm is located 35 km northwest 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.
On March 31, 2010, the project was offered a 20-year Electricity Purchase Agreement by British Columbia Hydro and Power Authority, an electric utility wholly owned by the Province of British Columbia, with respect to the energy output of 99 MW of new wind generation. Construction on Knob Hill Wind Farm's Phase 1 is expected to begin in 2011, with a target date for delivery of electric power in late 2012.
International Power Canada (formerly AIM PowerGen Corporation) is a wind power developer, owner and operator based in Toronto. International Power Canada is a subsidiary of International Power PLC, a leading independent electricity generating company.
Sea Breeze Power Corp. is a Canada-based company engaged in the business of developing utility-scale renewable energy, and, through a 50% owned subsidiary, developing independent transmission systems.
Further information is found on Canada Newswire.