Canadian Hydro Buys Wind Power Operation
Area Development Research Desk (Location Canada 2009)
Canadian Hydro Developers Inc. will acquire an offshore wind project that could become the world's largest offshore wind farm. The company says in a statement that the site -- located between five and 30 kilometers away from shore in one of the Great Lakes bordering Ontario -- could eventually produce 4,400 megawatts, enough to power more than 2 million homes. The site is being purchased from U.S.-based renewable energy company Wasatch Wind Inc. "This is a tremendous growth opportunity for our company and our shareholders, and a perfect fit with our long-term strategy and position as a market leader in Canada," says Kent Brown, Canadian Hydro's CEO. "We expect the Offshore Wind Prospect to give Canadian Hydro years of strong, double-digit growth and to provide our shareholders with attractive returns." The Toronto Globe and Mail reports that Canadian Hydro is currently in the midst of a takeover battle which has seen TransAlta Corporation making multiple hostile bids for the company. Canadian Hydro owns and operates 21 hydro, wind, gas-fired, and other general plants across Canada.