Capital Power Corp.'s Whitla Wind Project has been selected as one of the three winners in the first round of bids for Alberta Electric System Operator's renewable electricity program.
The proposed 201.6-MW project will be located 45 km southwest of Medicine Hat in the County of Forty Mile, Alberta, and has a total site capacity for 300 MW of wind energy that can be developed in two phases, according to a Dec. 13 news release. The project is expected to start commercial operations by late 2019.
Capital Power will be entitled to certain support payments for 20 years in exchange for all renewable attributes generated by the facility, according to renewable electricity support agreement executed earlier in December.
The support payments for the first round of the renewable energy program were structured as a contract-for-differences, under which successful bidders will receive a guaranteed price subject to performance obligations set out in the renewable electricity support agreements.
The wind project is expected to generate adjusted EBITDA of $27 million and adjusted funds from operations of $17 million in the first year of operation. Capital Power plans to fund the project through debt and internally generated cash flow.
