Alterra Power to acquire 1000MW wind farms in Canada

English Bay Energy led consortium has entered into an agreement with Alterra Power Corp., a renewable energy company, to sell wind farm assets at four sites in the coastal British Columbia, Canada.

The four wind projects in the early-stages of development are located on Banks Island, Porcher Island, McCauley Island, and at Knob Hill on Northern Vancouver Island.

The projects are expected to produce over 1,000MW of renewable energy.

English Bay Energy and the other sellers of the wind farms will receive payments when the projects are in the operational phase and they also may get additional compensation of about 1.34m Alterra shares.

Alterra Power chief executive officer John Carson said the transaction further positions the company to play a major role in British Columbia’s clean energy future.

"We look forward to advancing and ultimately building these wind projects as a part of the continued growth of Alterra and British Columbia," Carson added.

The first three sites are located within the 150kms of power-intensive LNG plant sites at Kitimat and close to a proposed 99MW wind farm near Cape Scott.

Under the terms of the sales agreement, Alterra will also get wind data from the meteorological towers for two to six years.

Canada based Alterra Power Corp, a renewable energy company, also operates geothermal and hydro facilities apart from the wind farms.