A breeze turbine feeds renewable physical phenomenon in to the Ontario grid at the CNE drift in Toronto Feb 18, 2007.
Credit: Reuters/J.P. Moczulski
TORONTO (Reuters) - Wind Works Power Corp, a start-up immature appetite writer targeting projects in Canada, the United States and Europe, pronounced on Friday it has been awarded 7 contracts in Ontario to furnish a sum of 80 megawatts of physical phenomenon for the Canadian province"s appetite grid.
The 7 deals are piece of 184 contracts the Ontario supervision voiced on Thursday as piece of the immature appetite push, that it hopes will move thousands of jobs and billions of dollars of investment to Canada"s greatest energy-consuming province.
Ottawa-based Wind Works pronounced the Ontario breeze projects, all of them sincerely small, will be built over the subsequent dual or 3 years at a cost of about C$250 million ($248 million). The greatest is the Ganaraska Wind Park, a twenty megawatt plan in Orono, Ontario.
The association is additionally posterior deals in Germany and the United States.
"This is really critical for us right away that we have appetite contracts for the initial of these markets, the Ontario market," Chief Executive Ingo Stuckmann pronounced an talk with Reuters.
"Our plan is to keep a little of the projects for ourselves and sell a integrate of them off. So we will not set up all ourselves," he said.
Stock in Wind Works was up 8.9 percent at 67 cents in U.S. over-the-counter trade on Friday afternoon.
Solar, wind, H2O and biofuel projects voiced underneath the Ontario immature appetite module so far will beget 2,500 megawatts of electricity, sufficient to appetite 600,000 homes.
"It"s a really intelligent move by the Ontario supervision in my view," Stuckmann pronounced by write from Germany. "In a integrate of years it would only be as well late and all those jobs would go to alternative states and provinces that come up with those programs."
He pronounced he expects Ontario might endowment contracts for an additional 1,700 MW to 2,000 MW of power, expected toward the finish of the summer months. Wind Works is behest for contracts comprising a little 110 MW of this, that would need an additional C$350 million in investment over the subsequent dual or 3 years.
Ontario plans to proviso out all coal-fired appetite stations by 2014 and reinstate them with cleanser appetite sources, call it last Oct to suggest the majority inexhaustible set of feed-in tariffs in North America for immature energy.
The province"s Green Energy Act guarantees sellers of renewable appetite fixed, above-market prices for twenty years to feed their prolongation in to the physical phenomenon grid.
The incentives embody a internal calm order for a commission of turbines to be made in Ontario, and Stuckmann pronounced Wind Works will be articulate to manufacturers right away that the appetite contracts have been awarded.
He pronounced the association expects to have announcements shortly per projects in the United States and Germany.
Wind Works sealed an agreement in Mar with a New York-based organisation for a $10 million equity line of credit. The association is now carrying out a in isolation chain for $2 million.
Stuckmann pronounced the association continues to coddle a inventory on a comparison exchange, in Toronto or in the United States.
($1=$1.006 Canadian)
(Reporting by Pav Jordan; modifying by Peter Galloway)
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