A lot of people who want to build a wind farm have to find funding.
And with some developers already getting their permits, that’s where the money comes from.
The $300-million wind farm is one of those projects that’s getting a lot of attention, with questions about whether it’ll actually get built and whether taxpayers will foot the bill.
Nowhere is that question more relevant than in Canada’s biggest province.
It’s called the Prince Edward Island Wind Development Corporation (PWEVDC), and it’s one of a few dozen projects across the country that have received government financing for the first time.
The money comes with a caveat, though: PWEVDS can’t do any construction.
And it’s been designed to give PWEUDC a leg up over the big projects that have sprung up across the province.
That means it can get the project off the ground faster.
And for that, it needs a bit of help.
The PWEYDC is seeking $100 million in provincial funds to help finance a project that’s already started.
It’s not the biggest, but it’s among the most expensive.
Its goal is to build one of the world’s biggest turbines in the Cape Breton Island area.
The project will be built by the British Columbia-based Energy Infrastructure Corporation (EIC), which specializes in building wind turbines.
The company has been involved in a string of wind farm projects in B.C., but this is the first one to receive federal funding.
“The province has made an investment in EIC’s portfolio of projects to help build the world-class wind farm,” PWEMDC said in a statement.”EIC is an outstanding public-private partnership and this project is a significant step forward in supporting PWEEDC’s commitment to develop this important resource.”EIC, which is owned by the B.CA.
Ministry of Energy, is a private company that’s been working with the province to build wind farms across the island for decades.
The projects include a 300-megawatt (MW) turbine at the former British Columbia Pacific Railway Station, and a 350-MW wind farm at a former industrial site on Cape Brevel Island.EIC says it has the money to build both projects, but has to borrow from the province because the province doesn’t have the money.PWEMDCs CEO Mike Gillett said the province will repay the debt with $50 million in loans, which he said will help offset some of the cost of the project.
“We’ll be borrowing from EIC to finance the construction of the Cape Breaker project,” Gilletti said.
“The debt repayment process will involve a large amount of capital spending by EIC.”
The province says it’s also committed to the project, and that the province is helping the PWEVEC get started.
“While the province has been working to fund this project and ensure that PWEIDC has the support it needs, it has not yet provided any financing for this project,” said PWEBDC in a news release.
The government also promised to provide $250 million in debt relief for PWEvdc if the project is approved.
The province, meanwhile, has been looking for ways to finance PWEVA.
The province announced in September that it was looking at financing up to $100 billion in renewable energy projects in Canada.
PweVDC says it will also be borrowing $50 billion from the Canadian Investment Bank (CIB) and a private investor group, the Crown Property Group (CPG), to finance its projects.PWEDC said that while the loan will allow PWEVIDC to start construction, it won’t fund any additional wind projects in the province until 2020.