Wind Energy Project bought by First Nations
A fifty percent stake in a wind energy project in Ontario was sold to Native Indian groups. Northland Power Inc sold shareholdings to the Aamjiwnaang and Bkejwanong First Nations in the Grand Bend Wind Farm.
The sale consisted of 48 2.3 megawatt Siemens AG wind turbines according to a statement by the Canadian power generation company. The terms of the sale were undisclosed.
In data compiled with Bloomberg, the Ontario Power Authority agreed to purchase the power output under a twenty year contract at a cost of Can$0.135 per kilowatt hour. The wind farm is valued at Can$385 million according to Gordon Potts, the business development director at Northland in an email.
For its part, Aamjiwnaang First Nation Chief Chris Plan said in a statement, "We are seeking to put forth a new development model thinking out of the box that will maximize the economic benfit to the First Nation for future generations to come."