The company had first agreed to the deal in October with Utah-based Wasatch Wind Inc. for the rights to the 4,400 megawatt project, to be built in Lake Erie. Terms of the deal had not been disclosed. Calgary-based Canadian Hydro Developers Inc. said Friday it has terminated its earlier plans to purchase a subsidiary that is developing one of the largest wind farms in the world in Ontario.
The company had first agreed to the deal in October with Utah-based Wasatch Wind Inc. for the rights to the 4,400 megawatt project, to be built in Lake Erie. Terms of the deal had not been disclosed. Calgary-based Canadian Hydro Developers Inc. said Friday it has terminated its earlier plans to purchase a subsidiary that is developing one of the largest wind farms in the world in Ontario.
The company had first agreed to the deal in October with Utah-based Wasatch Wind Inc. for the rights to the 4,400 megawatt project, to be built in Lake Erie. Terms of the deal had not been disclosed.
Calgary-based Canadian Hydro Developers Inc. said Friday it has terminated its earlier plans to purchase a subsidiary that is developing one of the largest wind farms in the world in Ontario.
The company had first agreed to the deal in October with Utah-based Wasatch Wind Inc. for the rights to the 4,400 megawatt project, to be built in Lake Erie. Terms of the deal had not been disclosed.
However Canadian Hydro has since been acquired by TransAlta Corp., leading to the change in strategy.
"Canadian Hydro now believes that based on …
... more [truncated due to possible copyright]The company had first agreed to the deal in October with Utah-based Wasatch Wind Inc. for the rights to the 4,400 megawatt project, to be built in Lake Erie. Terms of the deal had not been disclosed.
Calgary-based Canadian Hydro Developers Inc. said Friday it has terminated its earlier plans to purchase a subsidiary that is developing one of the largest wind farms in the world in Ontario.
The company had first agreed to the deal in October with Utah-based Wasatch Wind Inc. for the rights to the 4,400 megawatt project, to be built in Lake Erie. Terms of the deal had not been disclosed.
However Canadian Hydro has since been acquired by TransAlta Corp., leading to the change in strategy.
"Canadian Hydro now believes that based on the growth opportunities available, off-shore wind is not a priority at this time," the company said in a release.
TransAlta closed its deal to buy an 87% stake in Canadian Hydro last week for about $656.3-million.