TORONTO (October 2, 2019) – Potentia Renewables Inc. (“Potentia”) is pleased to announce that it has added a 20 MW wind power facility in Eastern Canada to its growing wind portfolio. The Pokeshaw project (the “Project”), located west of Grande Anse, New Brunswick, is a wind energy generation facility contracted under a 30-year power purchase agreement with the provincial utility through the LORESS (Locally Owned Renewable Energy of Small Scale) program. The LORESS program is a provincial government initiative aiming to procure up to 80 MW of renewable energy from First Nations and community-owned projects. Potentia has acquired the Project in collaboration with the Pokeshaw & Black Rock Recreation Council.
The Project will create a significant number of local jobs during construction, with several permanent jobs following the commercial operation date. The Project will further stimulate local economic growth in the area through annual payments of property taxes, royalties to its landowners and profit sharing with the community partner. “The development of the Pokeshaw project is a testament to the patience of the land owners, community partners and local stakeholders, along with various developers who have worked on this project in various forms for over 10 years. We thank each one of them for their determination to push this project through to the finish line,” said Jeff Jenner, Chief Executive Officer of Potentia Renewables Inc.
Potentia plans to begin construction after permitting is complete with commercial operation scheduled for December 2020. Potentia expects to invest over $600 million within the next 18 months in the construction of contracted wind energy assets in Canada, including the Pokeshaw project.