Quantum Fuel Systems Technologies Worldwide, Inc, a fully integrated alternative energy company, in conjunction with their wholly-owned subsidiary Schneider Power, Inc, one of Canada’s premier renewable energy companies, today announced a new strategic agreement between Schneider’s wholly-owned subsidiary Trout Creek Wind Power and a major global wind turbine manufacturer for the financing and developing of wind farms in North America. The details of the deal include the manufacture will provide a maximum of CDN $24 Million dollars for finance of the construction of the generation facility and the Company will utilize the manufacturers wind turbines at the 10 MW Trout Creek Wind Farm in Ontario, Canada. Both parties anticipate closure on the deal by December 31, 2012 and agree to meet the 50% local content requirement from the Ontario Government.
“We are excited about this relationship as it provides an opportunity for us to finance the Trout Creek and potentially other wind farms while retaining 100% ownership in each project. We are hopeful that the Trout Creek agreement will be the first among a broader strategic relationship aimed at financing and developing Schneider Power’s global portfolio of 1,000 MW of wind farms,” said Alan Niedzwiecki, Quantum’s CEO in a press release.
Schneider Power has successfully completed the required wind studies to finalize the wind farm and the final environmental permitting is underway. The construction of the renewable energy generation facility is expected to be completed on schedule. Further the company anticipates that Trout Farm will produce electricity for the Ontario Power Authority as authorized in a 20-year purchase agreement with the Ontario Government’s Feed-In-Tariff program at a rate of $135/MWH starting in the fall of 2013. The local utility Hydro One Networks, Inc will help link the Wind Farm to an existing high voltage transmission line near the property.
In Canada, Schneider Power currently operates wind farms and has a significant development portfolio of potential renewable power facilities in excess of 1,000 MW. Across North America, the company evaluates, designs ,builds, owns and operates some of the most advanced renewable energy generation projects.
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