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Fighting climate change
Eolectric completes acquisition of Vents du Kempt Inc.
BROSSARD, September 17, 2009 – Eolectric Inc. ("Eolectric"), co-founder and significant shareholder of Vents du Kempt Inc. ("VDK"), announced it has acquired 100% of the issued and outstanding shares of VDK, allowing it to pursue the advanced development of the 100 MW Vents du Kempt wind farm project. "This acquisition strengthens Eolectric’s desire to bring projects closer to reality", said Guy Painchaud, President of Eolectric. "We take pride in and are committed to developing quality wind energy projects, mindful of the environment and dedicated to creating lasting partnerships with host communities."
The 100 MW windfarm project is located in the Matapedia Valley, in the Lower St-Lawrence region in eastern Quebec. The project, initiated in 2002 by Eolectric, was selected in 2008 by Hydro-Quebec Distribution in its 2,000 MW request for proposals for wind energy projects. A 20-year power purchase agreement was executed on June 27th, 2008 between Hydro-Quebec Distribution and VDK for the sale of the project’s energy. The project consists of 50 wind turbines to be located mostly on privately-owned land within the municipalities of Causapscal, Ste-Marguerite and Ste-Florence. Start of construction is scheduled for 2013 and the project is expected to be in full commercial operation by December 1st, 2014. "We are extremely pleased by the acquisition which confirms the dedication of Eolectric to the project, notwithstanding the distant five-year commercial operation date. We are actively pursuing the project development and we intend to complete the environmental permitting activities by 2011. Our main focus will be to strengthen the ties with the local community as well as with business relationships with key project participants", said Philippe Jünger, President of VDK.
Established in 2001, Eolectric has invested significantly in the identification and development of wind projects in preparation for the two large wind calls for tenders issued by Hydro-Québec in 2003 and 2005. Eolectric is one of today’s leading independent wind project developers in Canada. It is involved at various levels in over 20 projects across Canada and Mexico. Eolectric’s team has successfully assembled a pipeline of wind projects representing close to 3,000 MW. It highly values and invests great efforts in local project acceptance, sound project design, comprehensive permitting, as well as in entering into key agreements with leading industry partners.