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Brookfield Renewable Power Fund Begins Construction of Ontario Wind Project
Brookfield Renewable Power Fund Begins Construction of Ontario Wind Project
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\nSep. 30, 2009 (Canada NewsWire Group) -- GATINEAU, QC, Sept. 30 /CNW Telbec/ -- (BRC.UN) - Brookfield Renewable Power Fund (the \"Fund\") announced today that it is beginning construction of the Gosfield Wind project in the Town of Kingsville in Essex County, Ontario. The project will have an installed capacity of 50 megawatts (MW) and is expected to produce an average of approximately 150 GWh of power annually.All power produced from Gosfield Wind will be sold at a fixed price to the Ontario Power Authority under a 20-year power purchase agreement and is expected to qualify for the Canadian Federal Government's ecoEnergy Program for Renewable Energy.The Fund has obtained non-recourse debt financing commitments from two banks for the construction and first three years of commercial operation for the project. The equity portion will be funded from cash on hand and operating cash flows.Gosfield Wind will utilize 22 Siemens SWT-2.3-101 turbines and Mortenson Canada Corporation will lead the project construction. The project will employ up to 150 workers during peak construction and has a target commercial operation date of late 2010.\"We're excited to have reached this important milestone,\" said Richard Legault, President and CEO of the Fund. \"This project complements the Fund's strategy focused on high-quality, low-cost contracted renewable assets in attractive Canadian markets, while also supporting the goals of Ontario's recently introduced Green Energy Act. Once completed, the project is expected to generate enough carbon-free electricity to power 16,000 average Canadian homes, while providing meaningful local investment and economic benefits including job creation. We look forward to making Gosfield Wind a valuable addition to our renewable power portfolio.\"About Brookfield Renewable Power FundBrookfield Renewable Power Fund (www.brpfund.com) is a premier Canadian income fund and one of the largest power income funds in North America with more than 1,600 megawatts of power generating capacity and average annual production exceeding 6,350 gigawatt hours.The Fund produces electricity exclusively from environmentally friendly and renewable resources. The Fund indirectly owns or holds interests in 42 high quality hydroelectric generating stations and one wind farm in four distinct geographic regions across North America...