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Canadian Hydro raises cost estimate of Wolfe Island wind project to $450M
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Canadian Hydro Developers Inc. (TSX:KHD), a Calgary-based wind power company, says it is raising the estimated cost of its Wolfe Island wind power project in Ontario to $450 million from $410 million.
The company revised its estimate Wednesday after revealing that it has received environmental approval from the Ontario government and can go ahead with construction.
The project is being built by wholly owned subsidiary, Canadian Renewable Energy Corp., and is slated for operation next spring.
The company says it expects to produce 593,500 megawatts of power a year, above the original plan for 537,000 megawatts. Startup of the plant in eastern Ontario has been delayed to next March 31 from Oct. 31.
“We are pleased to have obtained this most significant regulatory approval,” said John Keating, chief executive of Canadian Hydro.
“This approval is a culmination of the comprehensive work undertaken by Canadian Hydro with input received from various stakeholders every step of the way.
“We are working diligently to develop a responsible, sustainable wind plant on Wolfe Island that will deliver many benefits to the community and province and look forward to the start of construction.”
In trading on the TSX on Wednesday, Canadian Hydro shares fell one cent to $5.87.
The Canadian Press
4 June 2008
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