(Corrects spelling of development in headline.)
Alterra isn’t providing an upfront payment to the wind-farm developer English Bay Energy Ltd. for the projects on Vancouver Island and three smaller islands in British Columbia, according to a statement today.
English Bay will receive royalty payments when the wind farms go into operation and may also receive as many as 1.34 million shares of Vancouver-based Alterra.
The company requires additional permits and wind data to determine where to install turbines, and construction is “several years” away, Anders Kruus, an Alterra spokesman, said by telephone.
Alterra also needs power-purchase agreements with British Columbia Hydro & Power Authority, Kruus said.
To contact the editor responsible for this story: Reed Landberg at email@example.com