Wind farm investors optimistic about Newfoundland west coast
Danish backers make 1st trip to Stephenville area
European wind farm investors say they are optimistic about upcoming projects on Newfoundland's west coast.
Executives from Copenhagen Infrastructure Partners (CIP) made their first trip to the island this week.
"We were visiting where the site was this morning, and I think it's an excellent location," said Lars Thaaning Pedersen, chief operating officer, on Monday.
- Beothuk Energy lands European backer for wind farm on west coast
- Beothuk Energy proposing $4B wind farm off Yarmouth
The Danish company revealed In September that it was coming onboard as financial backers for Newfoundland-based Beothuk Energy's proposed wind farms.
The newly formed partnership has plans to develop several offshore wind farms in Atlantic Canada, starting with a 180-megawatt project in St. George's Bay, near Stephenville.
According to CIP, Atlantic Canada has all the fundamentals to thrive in the wind industry.
"It has shallow water, the wind speeds and the transmission capacity to carry the load of such offshore wind farms," Pedersen told the Corner Brook Board of Trade.
Pedersen said the wind industry is expanding to the northeastern seaboard of the U.S. and Asia. He's hopeful demand for Newfoundland-made energy will come from the American market.
"We believe there's huge potential. We see New York coming up, we see New Jersey coming up, we see Long Island coming up, we see Rhode Island coming up ... we are very confident that something will happen down there," he said.
The plan is to connect to mainland markets via Nalcor's Maritime Link, although no formal agreement has been made.
An active investor in offshore wind, Pedersen said CIP has learned some very costly lessons in Europe over the past 15 years.
"In the last three to four years we have broken the code. We have brought in new equipment and big investments that have made sure that all projects are delivered on time, on cost. So there's a great confidence from various governments in Europe that offshore wind is a predictable way of building things."
Beothuk Energy is currently awaiting approval for plans to move forward with the St. George's Bay project.
Meanwhile, Pedersen said CIP has just begin establishing itself in this province.
"We're coming over now, we're getting more engaged with the communities and the stakeholders and the political side of things," he said.
"We have a full team in Denmark also looking into developing this project. So there's quite a lot of people putting a lot of effort in and we hope we will get to the finish line in the not too distant future."