Port of Argentia, Pattern Energy & Argentia Capital Reach Agreement on Renewable Energy Project
Argentia, NL – June 8, 2023 – Port of Argentia Inc. (“Port”) is pleased to announce that it has reached a binding agreement on commercial terms with Pattern Renewable Holdings Canada 2 ULC (“Pattern Energy”) for a planned renewable energy to green fuels project at Argentia. Argentia Capital Inc. (“ACI”), the Port’s 50/50 partnership with Torrent Capital Ltd., TSXV:TORR (“Torrent”), is a signatory to the agreement.
Genny Picco, Port Board Chairperson states, “Today, we are announcing an agreement on Pattern’s wind energy to ammonia project which will generate significant wealth, business opportunities and employment for our region for decades. Pattern Energy is proving to be an ideal development partner and we are excited about the benefits this project will bring in the years to come.”
Port CEO Scott Penney states, “Pattern Energy is taking a Lease Option on some 6,000 acres of industrial and forest lands owned by the Port. Should it exercise its Option and proceed with the Project, it will construct a 300-megawatt wind energy facility designed to power the production of Green Ammonia for export to global markets. A global leader in renewable energy developments, Pattern Energy’s plans also include additional phases which could include increasing wind energy production utilizing Crown Lands and the expansion of their ammonia production plant on site at Argentia.