13 August 2009

Company behind Fermeuse wind power project seeks bankruptcy protection

100_4696 Skypower Corp, the company behind a wind power demonstration project at Fermeuse, Newfoundland filed for bankruptcy protection on August 12.

Skypower is owned 50% by Lehman Brothers which filed for bankruptcy last year in what was the largest bankruptcy filing in American history.

The Canadian renewable energy company is now seeking to sell all its assets.  It reportedly has sufficient funds  - $15 million – to see it through the asset sale process.

The Fermeuse project involves nine turbines with a combined capacity of 22 megawatts.

There’s no word on what will happen to the Fermeuse project.

Update:  The Fermeuse project was certified operational on June 30, 2009. Power from the project is sold to Newfoundland and Labrador Hydro under a 20 year power purchase agreement signed in 2007. 

The project, originally proposed by Vector Wind Energy was later taken over Canadian Hydro Developers on December 14,  2006.  CDH turned the project over to Skypower two weeks later.