Commencing in 2005, Tribute decided to enter into the renewable energy field with the erection of its first anemometer on the Bruce Peninsula in Ontario. Since that time, Tribute has met with considerable success in signing options for renewable energy projects and the internal management team, experts and consultants have made the transition to organizing and developing wind, solar, and tidal power projects.
In 2008, Tribute formed the Dover East Wind Limited Partnership (the “Dover LP”) and invested funds to acquire what is now a 67% interest in the Dover LP. The Dover LP acquired options to lease land and wind data for the development of a wind project under the old Standard Offer Project regime.
With the early 2009 introduction of the Green Energy and Green Economy Act, Tribute made the decision to acquire additional acreage in the Port Dover area to increase the size of the wind project development.
In June 2009, Tribute formed the Nanticoke Wind Limited Partnership (the “Nanticoke LP”) and acquired options to lease on approximately 3,850 acres of land near Nanticoke, Ontario, wind test data and two anemometers. Internal staff began an aggressive leasing program to obtain additional options to lease in the Nanticoke area. In addition, project development work was commenced for both the Dover and Nanticoke locations including environmental studies, project engineering, community and aboriginal consultations, wind modelling and layout design.
In November 2009, Tribute Resources Inc. sold its wind assets in the Dover East Wind Limited Partnership and Nanticoke Wind Limited Partnership to Capital Power Limited Partnership, a unit of Capital Power Corporation. Although Tribute retains the right to repurchase a 10% non-voting interest in the Project or obtain a royalty interest in the Project upon COD, Capital Power has now assumed responsibility for the development of the project. On April 8, 2010 Capital Power was awarded a Feed-in Tariff (“FIT”) contract from the Ontario Power Authority (“OPA”) for a 105 MW wind farm for the Dover/Nanticoke Project. This contract allows Capital Power to sell the electricity generated from the Dover/Nanticoke Project to the OPA for 20 years at 13.5 cents per kWh.
Capital Power continued with the development of the project and filed its Renewable Energy Application (“REA”) with the Ministry of the Environment in 2011, the approval for which was received on July 17, 2012 and Notice to Proceed (“NTP”) was granted to Capital Power by the OPA on April 15, 2013. On November 8, 2013 CPC achieved their Commercial Operation Date (“COD”) and a final milestone payment was paid to Tribute. Tribute retained an option to purchase up to 10% of the Port Dover/Nanticoke project but in April 2014, Tribute sold this option to purchase back to CPC for cash consideration. More information can be found at: http://www.capitalpower.com/portdovernanticoke.
In 2005, the decision to install an anemometer at Mar, Ontario, signaled the Company’s early commitment to measure the wind, accumulate data, and prepare to construct viable wind projects. In June 2010, Tribute formed the Mar Silver Birch Limited Partnership (the “Mar LP”) as the development vehicle for the proposed 240 MW wind project near Wiarton, Ontario. Tribute has over 8 years of wind data from the area acquired between 2005 and 2014. In addition, Tribute has options to lease on approximately 7,000 acres of land in the area.
On June 4, 2010 the Mar LP filed an application with the OPA for a FIT contract which would grant the project a 20 year power purchase contract for a 240 MW wind farm.
In August of 2011, Tribute entered into a financing and development agreement with Access Capital for the project. In January of 2012, Tribute entered into an option agreement with Budd Energy and Colmac Power to fund development in 2012.
Since the Ontario government replaced its FIT program for all wind projects with a competitive bidding procurement process in the third quarter of 2013, Tribute has decided to await further significant project advancement until the process is announced and implemented. In the meantime, Tribute is considering expanding its project footprint in the area as the wind resources are among the best in Ontario.