Wabagishik Rapids, Vermilion River
Given your past interest in one or more of our projects we wish to advise that Xeneca Power Development is proceeding through a restructuring process brought about by significantly extended development timelines, increased regulatory requirements and exposure to rapidly escalating environmental, permitting, development and civil costs. Due to the above noted delays and costs that were not contemplated in Feed-in-Tariff (FIT) pricing and contract timelines, project economic viability has, in some cases, been driven into a negative position, and, as such, it is expected that some FIT contracts will be cancelled in order that those projects can be bid into Ontario’s upcoming Large Renewable Procurement (LRP) program. (Read letter below.)
It doesn’t look good for Xeneca, but it’s looking great for Ontario rivers.
Xeneca had 19 waterpower sites going through the environmental assessment and approvals process, and reliable sources say they are trying to auction off the company to the highest bidder.
So now we’re waiting to see how everything settles out.
Wherever Xeneca has gone they have stirred up a hornets’ nest – so who would ever want to buy into that mess?