**• It includes a 30-year power purchase agreement (PPA) with BC Hydro, which will generate €900 million in revenues. **
• The company will build the wind project in partnership with the Lheidli T’enneh, one of Canada’s First Nations.
**• The project, which will begin construction in 2029, includes the tax incentive of a direct subsidy of 30% of the investment. **
• It will invest €290 million in the wind farm.
La Coruña, 11 December 2024.- Ecoener, a multinational renewable energy company, continues to make progress in its international growth after the award of a 140 MW wind project in the Canadian province of British Columbia.
The project, the first built by the company in Canada, will involve the investment of 425 million Canadian dollars (€290 million) and a 30-year power purchase agreement with the public electric utility BC Hydro (British Columbia Hydro and Power Authority), in charge of the public contract. Once executed, this contract is expected to generate revenues of approximately €900 million.
The plant, located in the Prince George area (in north-central British Columbia), will produce an estimated annual output of 345 GWh. The construction is expected to begin in 2029. The project will benefit from a tax incentive through the Investment Tax Credit, which allows a direct subsidy of 30% of the investment.
Ecoener will provide BC Hydro, British Columbia’s integrated public utility that generates, transports and distributes electricity to five million people, almost the entire population of the province, with green energy.
Ecoener will build the project in partnership with the Lheidli T’enneh, one of Canada’s First Nations. The company will be the industrial partner with a majority stake. As part of its sustainability commitment, Ecoener is working to establish solid and trusting relationships with the local communities in the areas where it operates.
“With this project, we are making progress in our commitment to the market of diversification and internationalisation, strengthening our business. We do so in a country that offers great opportunities for both wind and hydro technology. This agreement is the result of over two years of work by a specialised team in Canada, which will be a platform for Ecoener’s future growth,” says Luis de Valdivia, Ecoener’s chairman.
Commitment to green energy
Ecoener has been awarded the project after competing with more than twenty renewable energy companies in a public tender that finally awarded a total of 5,000 GWh. It is the first renewable energy tender in the province in 15 years.
Canada is boosting renewable energy production to meet its power needs and move towards decarbonisation. It has a high energy demand due to the cold weather, with hydroelectric production being the most outstanding. Given its creditworthiness, legal and regulatory stability, capacity, and size, Canada is a very attractive country with high potential for investment in renewable energy.
Strong growth
Ecoener is in a process of strong growth that has been consolidating over the years. At the close of the first half of the year, the company had 787 MW in operation and under construction, 229 MW more than one year before, a 41% increase. Ecoener is building 434 MW in Spain, the Dominican Republic, Guatemala, Colombia and Panama.
The company aims to reach 1,000 MW in operation and under construction by the end of 2025, a transformation of the company both in terms of installed capacity and international diversification.