The contracts are to supply 349.8MW (339.8MW net to the company's interest) of electricity from hydroelectric and wind projects, and include the 20MW (10MW net to the Company's interest) Island Falls hydro scheme.
Island Falls, located near Timmins, Ontario, is a 20MW run of river project, owned 50% by Canadian Hydro and 50% by two private developers. Its estimated generation of 93,000MWh/yr will be enough to power 13,000 households - over half of Timmins. Capital cost projections for this project are $64M.
The other two contracts are for the 132MW Melancthon II and the 197.8MW Wolfe Island wind projects.
The next steps involve securing regulatory approvals and financing, following which construction is scheduled to commence in the spring of 2007, with completion expected by October 2008.
