March 28 (Bloomberg) -- Northland Power Inc., a Canadian power-generation company, sold a 50 percent stake in a wind energy project that’s under development in Ontario, Canada, to two native groups.
The Aamjiwnaang and Bkejwanong First Nations acquired the interest in the company’s Grand Bend Wind Farm, which will consist of as many as 48 2.3-megawatt Siemens AG wind turbines, Toronto-based Northland said today in a statement. Terms weren’t disclosed.
The Ontario Power Authority agreed to buy Grand Bend’s output under a 20-year contract that pays 13.5 Canadian cents (13.3 cents) a kilowatt-hour, according to data compiled by Bloomberg. The wind farm is expected to cost C$385 million, Gordon Potts, Northland’s business development director, said by e-mail.
“We are seeking to put forth a new development model thinking out of the box that will maximize the economic benefit to the First Nation for future generations to come,” Aamjiwnaang First Nation Chief Chris Plain said in the statement.
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