EarthFirst Announces Acquisition of Nuttby Mountain Project in Nova Scotia
EarthFirst Canada Inc is pleased to announce that it has acquired the 45 MW Nuttby Mountain wind energy project in Nova Scotia from Atlantic Wind Power Corporation (2005) Ltd. This new acquisition, furthers EarthFirst in achieving its goal of having 600 MW of installed windpower generating capacity in operation by the end of 2012.
The Nuttby Mountain project is located in the central mountain region of
Nova Scotia. The Project has a signed Power Purchase Agreement and a completed
interconnection feasibility study from Nova Scotia Power Inc. The processes
for obtaining an Environmental Assessment and other municipal and provincial
permits are under way. Negotiations for a turbine sale and warranty and
service agreements with well known global wind turbine manufacturers for
2009 delivery have commenced.
"Nuttby is a good example of EarthFirst's expertise in acquiring advanced
stage wind projects that can be moved forward into construction and operation
quickly", said Robert Toole, Chief Executive Officer of EarthFirst. "Our goal
is to have the project completed and in service by the end of 2009".
"This renewable wind generation is part of our cleaner, greener
strategy," said Ralph Tedesco, President and Chief Executive Officer of Nova
Scotia Power. "The long term contract for this sustainable electric power will
also help stabilize electric prices by reducing dependence on fossil fuels. By
2010, the Nova Scotia Power system will be using five times the wind energy we
is purchasing 100 per cent of the project from Atlantic Wind
Power Corporation (2005) Ltd. (AWPC) in exchange for $75,000, a certain number
of common shares of EarthFirst and a small share of gross revenue generated
from the project over the life of the Power Purchase Agreement with Nova
Scotia Power Inc.. In addition, AWPC will enter into a Service Agreement with
EarthFirst to provide services through to completion of construction in
exchange for a monthly fee and a contingent project completion fee.
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