On January 11, 2007, Katabatic Power Corp., a privately held wind energy developer, announced a joint venture with Deutsche Bank AG to develop the world's largest wind farm, to be located in Northwest British Columbia. Under the terms of the joint venture Katabatic will seek a Power Purchase Agreement from BC Hydro to purchase energy developed in the first phase of the project, for which construction is anticipated to commence in early 2009. The joint venture represents a key milestone in the development of BC's West Coast wind potential, and advances British Columbia closer to its goal of energy self-sufficiency.
The full 3,000 MW project will be owned by Katabatic and Deutsche Bank AG through North Coast Wind Energy Corp., a subsidiary of Katabatic. Total potential investment in the Banks Island wind resource is estimated at $6 billion.
Katabatic is based in Richmond, British Columbia, with offices in San Francisco, California. Its mission is to produce clean, renewable energy to meet the growing demand in North America for affordable, non-polluting electricity.
Fasken Martineau advised Katabatic in this matter with a team comprised of Paul Wilson, Andrew Jackson, Andrew Gabrielson and Heidi Granger.