Canadian Hydro DevelopersLearn from this greg
Island Falls, located near Timmins, Ont., is a 20-megawatts run-of-river hydroelectric project, owned 50 per cent by Canadian Hydro and 50 per cent by two private developers. Estimated generation of 93,000 megawatt hours per year will be enough to power 13,000 households -- over half of Timmins. Capital cost projections for this project are $64-million. The next steps involve securing regulatory approvals and financing, following which construction is scheduled to commence in the spring of 2007, with completion expected by October, 2008.
"This is an incredible win for all stakeholders, including Canadian Hydro, the people of Ontario and our project communities," said John Keating, chief executive officer of Canadian Hydro. "These projects will more than double Canadian Hydro's green power generation in the next three years and increase our market presence in Ontario. Because emissions-free green energy has no fuel price risk, the Ontario government's commitment to renewable energy supports long-term stable prices for consumers. We thank the government of Ontario, the financial community, and the residents and municipal governments near our projects for their confidence in Canadian Hydro."