Canada: Windstream Claims CAD 475 Million for Lost Profit

Windstream Energy LLC has filed a notice of intent to claim CAD 475 million of damages under North American Free Trade Agreement (NAFTA) for lost profit due to the Ontario’s moratorium on offshore wind farms, writes The Star.

Last year the Canadian government posed moratorium on offshore wind projects, saying they need further study on their impact on health and environment.

The company has deposited a CAD 6 million letter of credit with the power authority and has also signed a binding turbine supply agreement with Siemens Canada, worth more than CAD 600 million.

Windstream has proposed to relocate this project onshore or to convert it to solar power, but unlike two gas projects which were relocated they were rejected.

[mappress]

Offshore WIND staff, November 26, 2012; Image: 4coffshore