Joint Venture Paves the Way for Development of World's Largest Wind Farm in BC
RICHMOND, BC, Jan. 11 /CNW/ - Katabatic Power Corp., a privately held wind energy developer, announced today a joint venture with Deutsche Bank AG to develop the world's largest wind farm located in Northwest British Columbia
(BC). Under the terms of the joint venture, Katabatic will develop the first 700 MW of the full 3,000 MW Banks Island wind resource over the next two years, with construction to commence in early 2009. The joint venture represents a key milestone in the development of BC's West Coast wind potential and advances the province closer to its goal of energy
self-sufficiency.
The full 3,000 MW project will be owned by Katabatic and Deutsche Bank AG through North Coast Wind Energy Corp., a subsidiary of Katabatic. Development efforts over the next two years will focus on project design, environmental
permitting, turbine supply, and electricity purchase agreement acquisition. Total potential investment in the Banks Island wind resource is estimated at
C$6 billion.
"The Banks Island Wind Farm is a rare find and the joint venture with Deutsche Bank is a vote of confidence in the resource and Katabatic Power," commented Anthony Duggleby, Chief Executive Officer. "We have a world-class
wind resource that's typically only found offshore, but here we get to work onshore, with good topography and straightforward logistics for construction and turbine delivery - it's a wonderful opportunity."
Building on the success of its Mount Hays wind farm, currently under development, Katabatic will apply for an electricity purchase agreement with BC Hydro for the Banks Island project in a call for tenders anticipated in 2007.
About Katabatic Power Corp.
Katabatic Power Corp. is a privately held wind farm development company based in Richmond, British Columbia with offices in San Francisco, California. Its mission is to produce clean, renewable energy to meet the growing demand
in North America for affordable, non-polluting electricity. In September 2006, Katabatic signed a 25-year electricity purchase agreement with BC Hydro, the Province's primary electricity provider, for the output of the 25.5 MW Mount Hays wind farm. The Mount Hays project is scheduled to become the first
commercial wind farm in the province, providing power to BC Hydro customers by the fall of 2008.
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