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Wind farm needs a bit more breeze
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Atlantic Canada’s largest wind farm could use a little more fuel, say the owners of the Pubnico Point Wind farm in Yarmouth County.
Electrical production from the turbines was down along with wind volumes in 2007, said Derren Newell, chief financial officer for Creststreet Power and Income Fund LP, which is trying to sell the wind turbine farm.
Creststreet Power and Income of Toronto, a majority owner of the $50-million wind farm, released results showing wind production was five per cent below management’s long-term projection.
“The majority of the deviation in energy production was the result of wind speeds that were below the projected long-term average,” Creststreet Power reported Thursday in its annual financial results for 2007.
Mr. Newell would not discuss the lower production in relation to the company’s “voluntary” shutdown of the turbines.
Today, Creststreet is expected to release “more complete financial information” on its two wind projects, Pubnico Point and Mount Copper in Quebec, said Mr. Newell of Calgary.
Despite Pubnico Point’s declining electricity production, the company reported higher revenues, crediting higher wind speeds.
Electrical revenues were $17.6 million, an increase from $15.3 million from 2006.
In its latest financial results, the company said a special committee is continuing to work on selling the wind farm.
The decision to sell the wind farm was announced last fall in response to the federal government’s decision to eliminate the tax benefits of trusts.
An independent board of directors of Creststreet has set up a special committee to conduct a “strategic review” of the income fund’s two wind energy projects in Quebec and Nova Scotia, which have a total of 47 wind turbines and power generating capacity of 84.6 megawatts.
The new tax rules come into effect in 2011, but the board is looking at selling the assets while renewable energy is a “hotly traded commodity,” Mr. Newell has previously said.
By Judy Myrden
Business Reporter
28 March 2008
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