CALGARY -- The Alberta government says it received such attractive bids in an auction to pick renewable energy projects that it exceeded its goal of 400 megawatts and will instead support 600 megawatts of new generation.

It says three companies will spend about $1 billion to build four wind power projects capable of generating enough power for 255,000 homes.

The projects are to open in 2019.

The winning bids came from Edmonton-based Capital Power with a 201-MW project, Madrid-based EDP Renewables with a 248-MW project and Enel Green Power Canada, a division of a Rome-based global power company, with projects of 115 MW and 31 MW.

Premier Rachel Notley says the average 3.7 cents per kilowatt-hour bid by the three companies is the lowest electricity price in Canada and bodes well for future similar auctions as the province moves to encourage up to 5,000 megawatts of renewable energy by 2030.

Under its agreement with the companies, the province will subsidize the plants if the power price falls below the bid price -- if it's higher, the companies are to pay the difference to the province.