The Port of Argentia has reached an agreement with Pattern Energy for a renewable energy project.

The company plans to construct a 300-megawatt wind energy facility to power the production of ammonia for export.

Port CEO Scott Penney says Pattern is taking a Lease Option on 6,000 acres of industrial and forest lands owned by the port.

Penney says the company plans to include additional phases which may include increasing wind energy production on Crown lands and further expansion of their ammonia plant in Argentia.

Key commercial terms include land lease rates at the port, priority berthing charges and a wind royalty on electricity sales.

Board Chair Genny Picco says the wind energy to ammonia project will bring business opportunities and jobs to the region for decades.