EarthFirst Canada Inc. is pleased to announce that it has signed a turbine supply agreement and a long-term service and warranty agreement with ENERCON GmbH for 15 of their E82-2.0 MW wind turbines. These wind turbines are to be delivered for installation in 2009 at EarthFirst’s Grand Valley project in Ontario, Canada.
EarthFirst’s Grand Valley wind project has 3 standard offer power purchase agreements with the Ontario Power Authority totalling 30 MW at a power sale price of $110/MW. The project has the potential to be expanded by a further 10 MW. The Grand Valley Project is expected to receive the necessary environmental permits from the province of Ontario and interconnection agreements by mid 2008 and to commence and complete construction in 2009 at estimated capital cost of approximately $73 million.
Based on installed capacity, ENERCON holds the largest share of the wind turbine market in Germany, one of the largest turbine markets in the world. ENERCON has installed more than 11,300 wind turbines in over 30 countries with a total installed capacity of 12.152 GW.
Commenting on the announcement, Ron Percival, President of EarthFirst said, “We are very pleased to conclude a turbine supply agreement with ENERCON. We have long been impressed with the ENERCON wind turbine technology and believe it is the most suitable wind turbine for our Grand Valley project”.
Also commenting on the announcement, Robert Toole, Chief Executive Officer of EarthFirst said, “The global wind turbine market is in tight supply. Securing turbines for our Grand Valley project achieves a critical milestone in our effort to bring Grand Valley online in 2009”.
EarthFirst is a leading Canadian developer of wind energy projects with a portfolio of over 2,500 MW of potential renewable generating capacity. This includes 174 MW which is expected to be in commercial production by the end of 2009 and an additional 226 MW which are fully permitted and expected to be tendered into the BC Clean Power call this year. Common shares and warrants of EarthFirst Canada Inc. are listed on the TSX under the symbol EF and EF.WT respectively.