Cash infusion for Shear Wind
HALIFAX – The Glen Dhu wind farm project in Bailey’s Brook got a new lease on life, all the way from Spain.
A Spanish utility company, Inveravante, bought a 62 per cent interest – for $27 million – in Shear Wind Inc., the Bedford company behind the Glen Dhu project. Inveravante said it would finance the project which was stalled due in part to the economic downturn.
Inveravante president, Manuel Jove, was in Halifax on Monday for the announcement.
Mike Magnus, president of Shear Wind, said construction on the first phase of the $180 million project will begin right away. He said the 30 wind turbines will generate enough electricity for 18,000 homes per year and should be operating late in 2010.
He said the second phase, an expansion of the wind farm project, will generate 230 megawatts of electricity by 2012.
Pictou East MLA Clarrie MacKinnon called the announcement “a good day for Nova Scotia and a great day for Pictou East.”
MacKinnon said it is the largest private investment in Pictou East in his lifetime.
He also mentioned opposition to the wind farm project during his remarks at the Halifax Club.
“I firmly believe that a vast majority of residents in the area support the wind farm. However, there has been and continues to be some concern over the effects of wind-farms on the human population. However, Shear Wind has tried to address those concerns with site-relocations, a liaison committee and information sessions,” MacKinnon said. “As MLA, I have come out in strong favour of the Glen Dhu project…because, as I have said repeatedly: ‘If we are against everything, we will get nothing.”
The Eco Awareness Society, a group of concerned area residents, has been steadfast in its opposition to the wind farm project as it stands.
The society, which now has more than 50 members, said in a press release that the cash infusion for the project does not alter the group’s concerns over the environmental impact.
“We believe the project’s adverse effects to both residents and the environment are extensive, and the sole justification for this project, which is to reduce greenhouse gases, has not been substantiated,” the press release stated.
EAS said that since Shear Wind has publicly announced the total size of both phases of the Glen Dhu project residents have been contacting members of the society.
“We have received calls from residents in the area that are shocked and concerned by the immensity of the project and its impact on the environment. The… 70 turbines in that area will dominate this most picturesque piece of Nova Scotia.”
The EAS said that keeping in mind Inveravante’s wealth, it will seek property assurances and other protections for the residents and environment of the community.
“Currently, this community bears all the risk in this project, while Inveravante will accrue all the profit.”
The News
12 November 2009
Tags: Wind power, Wind energy
Some possibly related stories:
- Green firm wants its cash; Shear Wind talking to NSP about $500,000 late penalty
- Wind farm gets blast of cash; Spanish conglomerate buys 62% of Shear Wind Inc.
- Shear Wind receives council approval
- Eco Awareness Society is disappointed by response
- Wind farm rezoning likely a go; Council to debate Antigonish County project next week
- Wind project gets OK
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