VANCOUVER, Sept. 26, 2013 /CNW/ - TimberWest Forest Corp. ("TimberWest")
and EDP Renewables Canada Ltd. ("EDPR Canada") have entered into a
partnership and propose to develop, build, and operate large-scale wind
projects on southern Vancouver Island. TimberWest and EDPR Canada also
announce that they have signed an MOU with the T'Sou-ke First Nation
("T'Sou-ke") that envisions the potential of partnerships with the
T'Sou-ke and other First Nations on wind projects.
The proposed projects present a unique opportunity to build power
generation capacity on Vancouver Island, which generates only a third
of its energy demand locally. At up to 300 megawatts of capacity, the
projects would provide approximately $600 to $750 million of potential
investment and support hundreds of jobs on Vancouver Island, including
training for new skills and services. To date, TimberWest and EDPR
Canada have invested several million dollars in developing these
"These renewable energy projects would represent a significant
investment on Vancouver Island," said TimberWest President and CEO,
Brian Frank. "We have a tremendous opportunity here to develop wind
energy on TimberWest's private land near where that energy is needed."
TimberWest has a long history of sustainable land management and
commitment to Vancouver Island communities. "Wind projects on these
lands would complement the existing managed forest landscape that has a
century of renewable forest harvesting activity," concluded Frank.
Partnering with TimberWest is EDPR Canada — part of a leading global
renewable energy company that owns and operates over 8,000 megawatts of
projects around the world. "We are excited by the potential of these
projects in British Columbia," said Gabriel Alonso, CEO of EDP
Renewables North America LLC. He added that, "with the increasing
efficiency of modern wind turbines, these projects would be competitive
with other large-scale power development proposals in the province,
including BC Hydro's Site C."
Gordon Planes, Chief of the T'Sou-ke First Nation whose traditional
territory lies within the proposed wind projects, said "We look forward
to working with TimberWest, EDPR Canada, and other First Nations to see
that the wind projects can be developed in a way that is respectful of
First Nations people, and their culture, aspirations and interests."
September 26, 2013
With the contraction of the traditional Coastal forest industry in
British Columbia over the last several decades, large-scale wind
projects are an opportunity to diversify the Vancouver Island economy
with new investment, jobs and training.
Vancouver Island currently imports nearly two-thirds of its electricity.
These proposed projects are close to demand centres on Vancouver Island
and the Lower Mainland, and are in close proximity to BC Hydro's 138
and 230 kV transmission lines with available capacity. The wind energy
generated would complement the timing of electricity demand during the
fall and winter months, and reduce line losses associated with
In addition, the projects would represent a large investment in
Vancouver Island and benefit from experienced partners with the
financial strength to assure project success. An initial 300 MW's
would mean approximately a $600 to $750 million investment and would
support 350+ direct construction jobs, 1,000 indirect/induced jobs
during construction and 40-50 permanent operations jobs.
These world-class, large-scale wind developments can compete with other
future supply options, including in BC Hydro's Site C, on both price
and value. Large-scale wind energy could provide lower rates and price
certainty to customers in the long-term compared to other alternatives.
The proposed projects would generate energy without greenhouse gas
emissions, supporting the BC Government's objective to create the
cleanest LNG projects on the globe. To be successful, these projects
would rely on BC Hydro to purchase the power, or deliver it directly to
growing end use markets in the natural resources sector such as mining
and liquefied natural gas projects.
TimberWest and EDPR Canada are dedicated to making their partnership a
model for wind projects in British Columbia. The partnership has begun
engaging First Nations, local communities and stakeholders early, and
will meet all local, provincial and federal requirements.
Within the past five years, T'Sou-ke has become a leader in
community-based renewable energy. With their and other First Nations
involvement in the proposed projects, the partnership will leverage
traditional knowledge of lands and geography, and experience with
renewable energy development, to make these projects successful and to
create new economic opportunities for First Nations on Vancouver
About TimberWest Forest Corp.
TimberWest is a leading timberlands company in British Columbia and the
largest private managed forest land owner in Western Canada with
325,400 hectares / 804,200 acres on Vancouver Island. TimberWest also
owns renewable Crown harvest rights to 700,000 m3 per year in coastal
TimberWest has a long tradition of working with communities on Vancouver
Island, including through its real estate business, Couverdon Real
Estate. TimberWest is pursuing investment opportunities, including wind
energy projects, which will diversify the economy and provide
opportunities for local employment. TimberWest is privately owned by
two leading Canadian pension fund investment managers, British Columbia
Investment Management Corporation and the Public Sector Pension
About EDP Renewables
EDP Renewables Canada Ltd. and its subsidiaries develop, construct, own
and operate wind farms throughout Canada with offices in Toronto and
its first wind farm is currently under construction in Ontario. EDPR
Canada leverages the vast knowledge and experience of its sister
company, EDPR North America, as its highly qualified team begins to
develop, construct, own and operate high quality wind farms across
EDPR Canada is owned by EDP Renováveis, S.A. ("EDPR"), a global leader
in the renewable energy sector that develops, constructs, owns and
operates renewable generation facilities. With a sound development
pipeline, first class assets and market-leading operating capacity,
EDPR has grown extensively in recent years to be the world's third
largest owner of wind power projects by capacity, with 8,150 megawatts
currently in operation. The company's long-term growth is driven by
favorable renewable energy market conditions. EDPR is committed to
renewable energy as it becomes increasingly reliable and competitive
due to technological advancements that lead to greater efficiencies.
The company is continuously expanding renewable energy into new markets
of the world. EDPR is currently present in the United States, Spain,
Belgium, Brazil, Canada, France, Italy, Poland, Portugal, Romania, and
the United Kingdom. EDPR is listed on the Euronext Lisbon Stock
Exchange (NYSE Euronext: EDPR).
Image with caption: "EDP Renewables' Wind Farm, New York c/o EDP Renewables (CNW Group/TimberWest Forest Corp.)". Image available at: http://photos.newswire.ca/images/download/20130926_C4700_PHOTO_EN_31389.jpg
SOURCE: TimberWest Forest Corp.
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