On January 11, 2007 Katabatic Power Corp., a privately held wind energy developer, entered into a joint venture with an affiliate of 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 is seeking 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 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, BC, with offices in San Francisco.
Fasken Martineau DuMoulin LLP advised Katabatic in this matter with a team comprised of Paul Wilson, Andrew Jackson, Andrew Gabrielson and Heidi Granger.
Blake, Cassels & Graydon LLP advised Deutsche Bank in this matter with a team comprised of Graham Smith, Ken Pearce, Dawn Jetten, Caroline Findlay, Gloria Chao and Nina Mapara.