Canadian Hydro Developers is to acquire the rights to a 4,400MW offshore wind project in Ontario from Park City, Utah-based Wasatch Wind, a private US-based renewable energy company, for an undisclosed sum.
When completed, the facility would be the largest offshore operation in the world, supplying enough renewable energy to power more than two million homes.
The offshore wind project is located approximately five to 30km offshore in one of the Great Lakes bordering Ontario.
Canadian Hydro anticipates that it will be built in stages, with the first 400 to 500MW coming online by the fourth quarter of 2014.
Regulatory and environmental permits and approvals, a site release from the Ontario Ministry of Natural Resources, and financing are required before construction can begin.
Canadian Hydro already operates 21 renewable energy generation facilities in Canada with 694MW of capacity, 160MW in and nearing construction, and 6,060MW under development.