Calgary, Alberta – November 15, 2013 – Alberta Wind Energy Corporation (“AWEC”) is pleased to announce the commencement of construction of the 46 MW Oldman 2 Wind Farm (“Oldman 2”). The project was originated in 2003 by AWEC and since 2009, has been developed in partnership with Irish based Mainstream Renewable Power (“MRP”).
AWEC divested its entire interest in the project prior to construction, but will continue to be involved in the construction activities until completion. Upon completion, ownership of Oldman 2 will transfer from MRP to IKEA, the world’s largest furniture retailer. At a cost of approximately CAD$90 million, Oldman 2 is expected to be operational in the autumn of 2014, at which point IKEA Canada will purchase the plant. The project will consist of twenty 2.3 MW Siemens turbines and is expected to produce on average 161 GWh/yr of electricity, which is enough energy to power over 13,000 homes.
Aa result of the sale of our interest in the Oldman 2 project, outstanding debentures and intercompany debt were reduced by $1,375,000.00.
The company will continue its efforts to progress the other three Alberta wind projects.