The first being the supply chain for such a project is in Europe and needs to be developed here and the second is ice.
Despite that, Pedersen, the CEO of Copenhagen Offshore Partners, says he is confident a wind farm can be built here.
Copenhagen Offshore Partners works exclusively for Copenhagen Infrastructure Partners (CIP) managed funds on offshore wind projects in Europe.
CIP has entered into an agreement with Beothuk Energy to jointly develop, own and operate offshore wind farms supplying power to Atlantic Canada, starting with a 180-megawatt facility in St. George’s Bay.
It’s a plan that Pedersen said the company, which has been involved in the offshore wind industry in Europe for 15 years, found intriguing.
Pedersen talked about the project during the Greater Corner Brook Board of Trade luncheon at the civic centre Monday.
“We have seen over the last three to four years that the industry has really matured,” he said after his speech.
He said his company has a great record of delivering on time and on budget, and has seen costs coming down because of bringing in bigger equipment and better equipment.
“We know what can go wrong,” he said. “We have been through the high and lows in Europe.”
But from what he’s seen here he has no doubts.
He said Atlantic Canada has the fundamentals — high wind speed, shallow water and closeness to transmission — to deliver the project.
To see it through, CIP will be providing all the financing that is needed as equity and will also raise the required debt financing. The estimated capital expenditure on the project is in the $800 million to $1 billion range.
Kirby Mercer, Beothuk’s chairman and CEO, would not provide specifics on the investment or how much money has been provided so far. He declined to comment on how much has been spent on the project that was first announced in 2013.
But he did say having CIP on board brings added validity to the project.
“Having the money is one thing, but also having a partner with expertise, it’s a double bonus,” he said.
“I’m not dealing with junior players.”
The next big step for the project will be to secure an off-take agreement on the power. Mercer said registration documents are also being drafted and an environmental assessment application should be filed with the province in December.
Actual physical work on the project could still be two to three years away, Mercer said.
The first being the supply chain for such a project is in Europe and needs to be developed here and the second is ice.
Despite that, Pedersen, the CEO of Copenhagen Offshore Partners, says he is confident a wind farm can be built here.
Copenhagen Offshore Partners works exclusively for Copenhagen Infrastructure Partners (CIP) managed funds on offshore wind projects in Europe.
CIP has entered into an agreement with Beothuk Energy to jointly develop, own and operate offshore wind farms supplying power to Atlantic Canada, starting with a 180-megawatt facility in St. George’s Bay.
It’s a plan that Pedersen said the company, which has been involved in the offshore wind industry in Europe for 15 years, found intriguing.
Pedersen talked about the project during the Greater Corner Brook Board of Trade luncheon at the civic centre Monday.
“We have seen over the last three to four years that the industry has really matured,” he said after his speech.
He said his company has a great record of delivering on time and on budget, and has seen costs coming down because of bringing in bigger equipment and better equipment.
“We know what can go wrong,” he said. “We have been through the high and lows in Europe.”
But from what he’s seen here he has no doubts.
He said Atlantic Canada has the fundamentals — high wind speed, shallow water and closeness to transmission — to deliver the project.
To see it through, CIP will be providing all the financing that is needed as equity and will also raise the required debt financing. The estimated capital expenditure on the project is in the $800 million to $1 billion range.
Kirby Mercer, Beothuk’s chairman and CEO, would not provide specifics on the investment or how much money has been provided so far. He declined to comment on how much has been spent on the project that was first announced in 2013.
But he did say having CIP on board brings added validity to the project.
“Having the money is one thing, but also having a partner with expertise, it’s a double bonus,” he said.
“I’m not dealing with junior players.”
The next big step for the project will be to secure an off-take agreement on the power. Mercer said registration documents are also being drafted and an environmental assessment application should be filed with the province in December.
Actual physical work on the project could still be two to three years away, Mercer said.