HALIFAX, Feb. 2 /CNW/ - Nova Scotia-based energy company Emera Inc. (EMA_TSX), has concluded its purchase of the proposed 30-megawatt Digby Wind Park in Digby County, NS. The purchase agreement involves 100% of the project, including development rights and 20 General Electric (GE) wind turbines.
The Digby Wind Park was being developed jointly by Interwind Corp. (formally SkyPower Corp.) and Scotian WindFields Inc. Interwind Corp, which is under creditor protection, began the process to sell its portion of the Digby project in August of 2009. Emera finalized the purchase of those interests on February 1, 2010, including a Development Agreement with Scotian WindFields. Scotian has been leading local community consultations and will continue to support the project as it is developed.
The Digby Wind Project includes a 20-year Power Purchase Agreement with Nova Scotia Power Inc. Emera is facilitating the development of the Digby Wind Park consistent with Nova Scotia Power's obligation to meet the province of Nova Scotia's Renewable Energy Standards and in compliance with Nova Scotia's regulatory regime.
The project is expected to be completed by December 31, 2010. Once in production, the Digby Wind Park is expected to produce enough energy to serve about 10,000 homes, with the potential to reduce greenhouse gas emissions in Nova Scotia by more than 60,000 tonnes a year.
The transaction has been financed with existing credit facilities.
Emera Inc. (EMA-TSX) is an energy and services company with $5.3 billion in assets. Electricity is Emera's core business. The company has two wholly-owned regulated electric utility subsidiaries, Nova Scotia Power Inc. and Bangor Hydro Electric Company, which together serve 600,000 customers. Emera also owns 19% of St. Lucia Electricity Services Limited, which serves more than 50,000 customers on the Caribbean island of St. Lucia and 25% of Grand Bahama Power Company which serves 19,000 customers on the Caribbean island of Grand Bahama. In addition to its electric utility investments, Emera owns the Brunswick Pipeline, a 145 km gas pipeline in New Brunswick; Bayside Power, a 260 MW gas-fired power plant in Saint John, New Brunswick; Emera Energy Services, a physical natural gas and power marketing and asset management business; a joint venture interest in Bear Swamp, a 600 megawatt pumped storage hydro-electric facility in northern Massachusetts; a 12.9% interest in the Maritimes & Northeast Pipeline; a 8.2% interest in Open Hydro. Visit Emera on the web at www.emera.com.
SOURCE Emera Inc.
For further information: For further information: Media Contact: Sasha Irving, Director, Corporate Communications, Emera Inc., (902) 428-6685, email@example.com