Sheet Harbour will have a new structure in its skyline.
Watts Wind Energy Inc., a joint venture between renewable energy operators Seaforth Engineering Group and Eon WindElectric, plans to install a wind turbine at Watt Section in Sheet Harbour.
The 1.5-megawatt Vensys turbine should have the blades whirring this year, the company said Monday.
Watts Wind Energy received one of 10 long-term contracts awarded Jan. 21 to supply Nova Scotia Power with wind-generated electricity for the next 20 years.
The project was submitted in response to Nova Scotia Power’s call for bids in December 2008 for smaller, community-based wind projects.
These will allow the utility to meet the provincial government’s mandated requirement to have 25 per cent of electricity generated from renewable sources by 2015.
The firm has been measuring wind data at the site since October 2008.
The company says, in addition to a cash investment from the principals, the Watts project will be financed with a mix of secured debt and equity capital.
The company news release did not disclose how much the project will cost. Company officials were unavailable for comment.
Watts Wind Energy is being organized under the provincial Community Economic Development Investment Fund, which is RRSP-eligible and provides the potential for tax benefits to eligible Nova Scotia investors.
"We are very excited about using the CEDIF structure for Watts Wind Energy in conjunction with the goal of aiming to distribute most of its net profits," said Stan Mason, Seaforth CEO.
Seaforth Engineering Group also includes Seaforth Energy Inc., formerly named MaManna Renewable Energy Corp., and is a Dartmouth-based company.http://thechronicleherald.ca/Business/1168992.html
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