Calgary-based Canadian Hydro Developers Inc. said Friday it has terminated its earlier plans to purchase a subsidiary that is developing one of the largest wind farms in the world in Ontario.
Neither of the companies that announced the transfer of development rights for a massive wind farm on Lake Erie owns those rights, Ontario authorities told The Associated Press on Thursday.
The Ontario Ministry of Natural Resources disputed accounts offered the day before by a U.S. company, which said it had acquired and was selling the rights to operate giant wind turbines on the Canadian half of Lake Erie, and a Canadian company that said it was buying those rights.
Utah-based Wasatch Wind Inc. said it was transferring rights to a 4,400-megawatt “offshore wind prospect” to Canadian Hydro Developers Inc. of Calgary, Alberta.
Canadian Hydro, a publicly traded company, affirmed in a separate statement that it was acquiring those rights. The pact received widespread news coverage in Canada.
See also “Canadian Hydro plans offshore wind farm in Lake Erie”
Ontario’s green-energy Klondike is spreading offshore, and in a big way.
Canadian Hydro Developers Inc., the country’s largest independent developer of wind-energy projects, said on Monday it plans to erect enough wind turbines in Lake Erie to power two million homes.
The area Canadian Hydro has targeted starts about five kilometres off the shore of Long Point Provincial Park and stretches roughly 80 kilometres west to a spot that’s 30 kilometres south of Port Stanley.
TORONTO (Reuters) – Canada’s wind power companies are getting a lift from rising oil prices, a healthier economy and energy-friendly government policies, even as tight capital markets continue to curb the recovery of the fledgling sector.
A C$654 million ($611 million) takeover bid by TransAlta Corp for Canadian Hydro Developers, the country’s biggest wind energy producer, has also boosted investor sentiment and signaled wind power is both viable and here to stay, analysts say.