Emera Inc. (TSX: EMA) said in a Nov. 8 financial report that its Nova Scotia Power (NSPI) subsidiary has made progress on a 102-MW wind project, which is due on-line in 2015.
NSPI was a successful bidder, as a co-developer and investor in the 102-MW South Canoe Wind Project, having committed to invest up to a maximum 49% interest in the project. The Municipality of the District of Chester approved development agreements for the South Canoe Wind Project on March 14.
However, two appeals were filed with the Nova Scotia Utility and Review Board (UARB) regarding the development agreement approval. The UARB’s hearing of the two appeals concluded in early June and on Sept. 4, the UARB dismissed the appeals and upheld the decision of the Municipality. On April 26, the UARB approved NSPI’s C$93m capital work order request related to the project. The UARB decision is being appealed to the Nova Scotia Court of Appeal. The hearing date is currently set for Nov. 27. The project at this point is expected to commence commercial operation in 2015.
NSPI is a fully integrated regulated electric utility and the primary electricity supplier in Nova Scotia. NSPI provides electricity generation, transmission and distribution services to approximately 499,000 customers.
On Aug. 28, Emera, outside of the regulated Nova Scotia Power, entered into an agreement to purchase three combined-cycle gas-fired facilities in New England. The transaction will add 1,050 MW to Emera’s capacity in the region at a total investment of US$541m. The addition of gas generation in the northeastern U.S. has been a strategic objective of Emera.
The facilities to be purchased from from Capital Power Corp. (TSX:CPX) are: Bridgeport Energy (520 MW) in Bridgeport, Conn.; Tiverton Power (265 MW) in Tiverton, R.I.; and Rumford Power (265 MW) in Rumford, Maine.
Emera plans to finance the purchase with cash and short-term credit resources on closing, then ultimately expects to finance the acquisition with a combination of debt and equity. The transaction is subject to certain regulatory approvals and is expected to close by the end of 2013.