Sep 4 2010
Vindt Resources Inc, a fully owned subsidiary company of Shear Wind Inc, a Halifax Nova Scotia based company, has announced the development of its 100 MW Willow Ridge wind farm project located in Alberta.
The company is planning to pay the security deposit of C$990,000 plus goods and service tax by the end of August 2010 to the Alberta Electric System Operator to complete the processes related to connectivity and other expenditures related to stage III. The company will execute the necessary construction completion agreement with AESO.
During the stage III of the linking process AESO and its transmission facility controller AltaLink LP will jointly work to conclude the application submission processes such as Need Identification Document and Facility applications to be submitted to the Alberta Utility Commission (AUC) for extending permission to link Vindt's wind project to the Alberta Interconnected Electric System. Vindt is also expected to finish the application submission process with AUC in order to get permission for the construction of wind project.
Genera Avante Holdings Canada Inc. (GAHC), a company that holds nearly 62% of the common equity in Shear Wind on a completely watered down basis, has given its consent to provide necessary initial funding for the project to pay AESO, on approval from the authorities. Vindt will provide an unsecured promissory demand note to GAHC assured by Shear Wind for a loan amount of C$1 million at an interest rate of 12% P.A for a period of 10 months towards the capital amount.
Source: http://www.shearwind.com/