9 March 2006 - Westman Wind Power Company announced Wednesday that it is developing eight wind power projects in Manitoba with a total value of approximately $1.5bn. The eight projects will have an initial capacity of approximately 700 MW and a potential maximum capacity of more than 1400 MW.
"Wind is the fastest growing source of power generation in the world" said Westman partner Paul Edwards, a Winnipeg lawyer and businessman, "and we think Manitoba can be a world leader in the development of wind power."
CFI Group (CFI) has been engaged to arrange financing to develop the wind farm projects. CFI Group specializes in providing customized medium and long-term structured and infrastructure debt and equity financing solutions for private and public corporations. The Company is owned by management and Canada Life, a wholly-owned subsidiary of Great West Life. More information about CFI Group can be found at www.corpfinance.ca
"CFI has obtained significant funding commitments from the investors in its equity fund, including Manitoba Teachers' Retirement Allowances Fund and Ontario Teachers' Pension Plan, for the purpose of investing in energy and infrastructure projects across Canada," said Chris Ball, Executive Vice- President of CFI Group. "The Manitoba government's continued strong support of wind energy is essential to ensure this Manitoba-developed project comes to fruition. We are confident that the Westman team has the right combination of development experience and local knowledge to successfully execute these important energy projects."
Westman is a Manitoba wind power developer based in Winnipeg. The company was formed in 2004 to develop wind projects within the province while also maximizing the economic, environmental and social benefits to Manitobans. Along with Edwards, the principals of Westman include David Martin, a Winnipeg businessman, Neil Duboff, a Winnipeg lawyer, and Dave Courtney, a renewable energy expert based in Kenora.
Westman is developing the projects with technical support and assistance from Wardrop Engineering, one of the largest engineering firms based in Manitoba, and two other wind power developers, Padoma Wind Power and Gale Force Energy.
In selecting site locations, the Westman team relied on Helimax Energy, Canada's leading wind energy consultant. Helimax used historical weather data and computer-based modeling to determine the windiest spots in the province