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MONTREAL, December 13, 2017

Sharp Hills Wind Farm awarded a 20-year Renewable Energy Support Agreement


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Sharp Hills Wind Farm awarded a 20-year Renewable Energy Support Agreement

On December 13th, 2017, the Sharp Hills Wind Farm (the "Project"), partially and initially developed by Eolectric Inc. ("Eolectric") has been selected by the Government of Alberta through the Renewable Electricity Program Round 1. Adding this project to the Alberta energy portfolio will help to further reduce carbon emissions from the Alberta electricity sector and support the Government of Alberta’s target of 30 per cent renewable electricity by 2030.

The site is located in the province of Alberta, Canada, near the town of Oyen, approximately 250 km north-east of the city of Calgary and conveniently close to the recently built 240 KW transmission line.

EDP Renewables Canada Ltd (“EDPR”) acquired the project from Eolectric in 2016 along with another project from another developer to pursue the development of a larger wind farm project (Sharp Hills Wind Farm). Eolectric is thankful for and congratulates EDPR for successfully bringing the project to the significant milestone of obtaining a 20-year Renewable Energy Support Agreement for 248.4MW.

Eolectric initiated in 2008 a wind monitoring campaign which compiled close to 10 years of wind data. Eolectric signed contracts with the landowners of the project site. Environmental field studies as well as stakeholders consultations were also performed before the transfer of the asset to EDPR.

The Sharp Hills Wind Farm project will provide additional revenues to participating landowners, property taxes to the local government and new local quality jobs in the energy sector during the construction as well as during the operating phase of the project for a minimum of 20 years.

About Eolectric

Founded in 2001, Eolectric is a developer, owner and operator of renewable energy projects and power generation facilities. The company has developed, financed and managed energy infrastructure projects totaling more than 800 MW allocated mainly through tenders for major electricity suppliers nationally and internationally. Today, it manages more than $ 500 million in assets for investor groups.