Multinational renewable energy company Ecoener has secured its first Canadian project, a 140MW wind farm in British Columbia, marking a significant step in the company’s international expansion.
The project involves an investment of C$425m ($299.91m) and includes a 30-year power purchase agreement with BC Hydro, the public electric utility.
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Located in the Prince George area, the facility is expected to generate approximately 345GWh a year. Construction of the project is slated to begin in 2029.
The project will benefit from an investment tax credit, which provides a 30% direct subsidy of the project investment.
The project is also under a partnership with the Lheidli T’enneh, one of Canada’s First Nations, with Ecoener holding a majority stake.
Ecoener’s chairman Luis de Valdivia said: “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.
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By GlobalData“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.”
Canada is ramping up renewable energy production to meet its growing power needs and advance its decarbonisation goals. The country faces high energy demand, especially due to its cold climate, with hydroelectric power being the dominant source of energy.
With its strong credit rating, stable legal and regulatory framework, ample capacity, and large size, Canada presents a highly attractive opportunity for investment in renewable energy.
Ecoener won the project after competing with more than 20 renewable energy firms in a public tender, which awarded a total of 5,000GWh. This tender is the first of its kind in the province in 15 years.
The company aims to reach 1GW in operation and under construction by the end of next year, enhancing its installed capacity and international diversification.
