Project development is an iterative process, whereby risks are reduced at each stage as investment increases. As information is collected and analyzed, the technical, financial, and regulatory viability of the project is tested and confirmed before proceeding to the next stage.
Renewable energy resources are abundant, however not all sites are suitable for project development. Feasibility Assessment examines environmental, social and economic factors to determine whether a given project site is viable. This process includes identifying key constraints that may preclude development, such as land title, First Nation’s and other community interests, valued ecosystem components, parks and protected areas. Economic factors are also considered, including the electricity market, site access, transmission infrastructure, capital costs and financing.
The Regulatory Permitting stage of project development typically takes two to three years and includes detailed environmental assessment, stakeholder and public consultation and working with various government agencies. During this stage, engineering and Project Design evolve in response to the information collected by environmental, geotechnical, cultural and other assessments, including the ongoing collection of energy resource data. This process defines the project generation capacity, which determines equipment and capital costs and feeds back into the economic model to ensure the project remains viable.