GE and Plutonic again defer purchase of Dokie Ridge wind farm
GE Energy Financial Services and Plutonic Power have again asked a Canadian bankruptcy court for more time to decide whether to buy the Dokie Ridge wind farm in British Columbia province.
The companies now want the deadline pushed back to 4 September. Previous deadlines were 5 August and 6 July.
"While significant positive progress continues to be made in addressing key matters, the partners require additional time to complete the remaining due-diligence and required contract negotiations," the companies said in a joint statement. Among other things, negotiations continue over a sales price.
Dokie Ridge, the largest wind farm under construction in British Columbia, is owned by EarthFirst Canada. The company had previously obtained court-ordered protection from its creditors under Canada's Companies' Creditors Arrangement Act.
The Court of Queen's Bench of Alberta, Judicial Centre of Calgary has approved the proposed transaction involving the project.
The 144 megawatt Dokie Ridge project, located near Chetwynd 1,100 kilometers northeast of Vancouver, is partially completed using Vestas 3MW V-90 wind turbines. It has all required construction and environmental permits.
It could be expanded to a total of 300MW — enough to power 34,000 homes and avoid more than 229,000 metric tons a year of carbon dioxide emissions had a coal plant been built.
The project would represent the first joint wind energy investment in Canada by GE Energy Financial Services and Plutonic, and an expansion of their partnership in three hydroelectric projects in British Columbia.