Wasatch Wind, which recently moved from Heber to Jeremy Ranch, made national technically international headlines recently for a deal in Canada.
Canadian Hydro Developers Inc., a power company that describes itself as a developer of “low impact energy projects,” bought a project from Wasatch Wind for what may become the largest offshore wind farm in the world on the Ontario side of Lake Erie.
Wasatch Wind, mostly known in Utah for its Spanish Fork development, was working in Ontario because of the province’s favorable renewable-energy policies, explained Michelle Stevens, Wasatch Wind’s director of marketing and communications. The company was interested in opportunities there and was excited about the wind on the Great Lakes.
It had started the process of applying to develop offshore in Lake Erie. The process required a thorough analysis of the site that took several years. The company then sought partners with proven financial and offshore development capabilities. Canadian Hydro expressed interest in constructing, owning and operating the wind farm, Stevens explained.
Canadian Hydro acquired the entire project from the Canadian subsidiary of Wasatch Wind.
“We have development expertise to identify an area with a potential for energy development. Canadian Hydro realized we’d done the right analysis, that we know how to identify outstanding wind resources,” she said.
The deal is great news because it illustrates the company’s abilities within the wind-development industry, she said.
The details of the deal are confidential including the amount. But basically, Stevens explained, Canadian Hydro acquired the work that Wasatch Wind had done thus far in the long process of choosing a site, seeking development rights to the site, then actually developing it. That included acquiring the application rights, she explained.
Canadian Hydro confirmed that it is still seeking rights to the offshore site from Ontario’s Ministry of Natural Resources. The permission is not guaranteed, but Canadian Hydro is now first in line seeking the rights.
If the farm is built, it would be the largest offshore farm in the world and could potentially supply green power to two million homes annually.