Proponents of the 24.6MW Pierre de Saurel community wind project in Quebec have closed financing and started construction, about a year behind schedule.
The wind farm, the only 100% municipally owned project in the province, was contracted to start commercial operation by 1 December 2015 but is now expected to come online in late 2016. Utility Hydro-Quebec charged about C$500,000 in late fees.
Financial cooperative Desjardin Group is providing up to C$71.3m at a rate of 3.97% to finance construction. The Pierre de Saurel Regional Municipal County will invest up to C$17.7m.
Market conditions and exceptionally low interest rates will increase the project’s profitability to more than C$50m in total municipal and landowner payments, said the municipality.
The power purchase agreement with Hydro-Quebec is expected to generate about C$206m in total income over the 20-year term.
Quebec contractor Sorel Construction was awarded a C$26.6m balance of plant contract while Montreal-based Opsis Infrastructure Management won a C$6.3m eight-year operations and management contract.
Senvion is lined up to deliver 12 MM92 2.05MW turbines on 100m towers this summer and commercial operation is to begin by 1 December.
Image: Senvion MM92s (Senvion)
Developers bank Quebec wind
Senvion MM92s to feature at 24.6MW Pierre de Saurel community wind farm
By EBS