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Katabatic Power secures funding for wind project
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British Columbia wind farm developer Katabatic Power Corp. has signed a joint venture deal with Deutsche Bank AG, which will see the German financial giant help fund the potentially huge Banks Island wind project near Prince Rupert in northwestern B.C. The bank will contribute an undisclosed amount of money to help pay for design and engineering, the costs of getting environmental permits and negotiating with power buyers, and the purchase of turbines. If Katabatic is successful in bidding for a supply agreement with B.C. Hydro, the first 700 megawatts of power could be produced at Banks Island by 2009. Plans call for expansion to 3,000 MW over 10 years. B.C. Hydro has already agreed to buy the output of Katabatic’s 25.5 MW Mount Hays wind farm that is set to be completed in 2008.
By Richard Blackwell
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