Beothuk Proposes 1GW Wind Farm off Nova Scotia
- Business & Finance
Canada’s Beothuk Energy has revealed plans to build a 1 gigawatt offshore wind farm off the coast of Nova Scotia.
The project is estimated to cost CAD 4 billion (USD 2.87bn). Beothuk is proposing to manufacture and install the wind farm in shallow waters off Canada’s southwest coast.
The power generated by the wind farm will be exported to New England via a proposed 200 nautical mile subsea cable, the Can-Am Link. To develop this Nova Scotia – New England export project, Beothuk has partnered or has formed working relationships with finance, construction and the offshore wind industry players which include Jacob Capital Management, Siemens Offshore Wind, Talon Energy and Maderra Engineering.
Beothuk says that the proposed site has world-class wind resources and will be located about twenty kilometers from shore in shallow waters of thirty meters or less. It will be outside of major shipping lanes and commercial fishing grounds. The Can-Am Link will make landfall close to existing transmission facilities near Boston giving access to the New England transmission corridors.
This offshore wind power is expected to contribute to the region’s security of supply and benefit both the American and Canadian governments’ climate change strategies. Benefits to Nova Scotia include the manufacturing of various components for the offshore wind farm that consist of gravity based structure construction and establishment of a service/supply port.
“Our announced projects are the first part of a greater Atlantic Canada regional plan that we have formulated for offshore wind power in the area. We are creating a new energy sector in the Atlantic provinces that will have an immense beneficial socioeconomic effect with thousands of new, highly skilled jobs. This project will also support the Trudeau Government’s Climate Change Program, the UN Paris Accord, and the Nova Scotia government’s Marine Renewable Energy Strategy.” ” Kirby Mercer, President and CEO of Beothuk, said.
Beothuk is currently in discussions with various Canadian and American utilities and independent power producers regarding power purchase agreements and partnerships for this project. Early in 2016, the company plans to hold consultations with Nova Scotia stakeholders, including First Nations and environmental groups, and municipalities in proximity to the project.
The company argues that offshore wind is a proven technology, having operated in Europe for twenty-five years. It is an emerging energy sector in North America, and the United States Department of Energy estimates that over the next thirty years, offshore wind has the potential to create revenues of USD 100 billion. By 2030, offshore wind is projected to supply 22,000 MW of energy to America, enough to power 4.5 million homes.
“As both Canada and the United States seek to meet their climate change goals, clean, renewable off-shore wind is going to play a major role in helping decrease reliance on fossil fuels,” said Sasha Jacob, CEO of Jacob Capital Management.
”Off-shore wind in North America is the next big area for investors in cleantech and one in which we are proud to bring our global experience to harness the potential right here in Canada. Beothuk’s potential is tremendously exciting.”
Back in September 2013, Beothuk announced a 180 MW offshore wind farm in St. George’s Bay, Newfoundland and Labrador, Canada.