AltaGas Income Trust and GreenWing Energy Management Ltd. to Jointly Develop Wind Power Projects
AltaGas Income Trust (AltaGas or the Trust) and GreenWing Energy Management Ltd (GreenWing) today announced the formation of a limited partnership for the purpose of developing a portfolio of power projects in North America. Initially, GreenWing Energy Development Limited Partnership (GEDLP) will hold 10 proposed wind projects, representing the potential to develop a total capacity of approximately 800 MW.
David Cornhill, Chairman, President and CEO of AltaGas said, "AltaGas' partnership with GreenWing fits our strategy to expand power generation capacity by adding renewable wind power to our portfolio." He added, "By working with GreenWing, AltaGas is well positioned to move into the development and operation of longterm renewable wind power generation in North America. AltaGas is very pleased with this arrangement and is looking forward to a productive long-term relationship with GreenWing".
The limited partnership is seeking to develop a portfolio of wind power generation projects in Western Canada and the Western United States. GEDLP anticipates that, subject to successful participation in bid processes or negotiation with purchasers, it will be able to enter into long-term power purchase arrangements for the majority of the current projects. AltaGas has the right to finance up to 100 percent of the debt and equity of the projects.
GreenWing will manage the limited partnership and take the lead development role. GEDLP has entered into agreements with landowners for more than 70,000 acres and is assembling additional land packages in the project areas. It has also responded to the Expression of Interest issued by Manitoba Hydro for their expected request for proposals for 1000 MW of wind energy.
"GreenWing is excited to partner with AltaGas," said Dan Allard, President of GreenWing. "Our power and project development expertise, combined with AltaGas' solid track record and financial strength, will make the combination a competitive force in North America."
GreenWing is a Vancouver, B.C.-based team of independent power developers focused on the development, financing and operation of energy facilities. GreenWing personnel have built, engineered, financed and operated a number of power generation facilities throughout North America.
AltaGas announced its initial investment in renewable generation in January, with the proposed Bear Mountain wind power project in northeast British Columbia, near Dawson Creek. AltaGas will continue to pursue energy infrastructure development and acquisition opportunities that meet its investment criteria.
AltaGas Income Trust is one of Canada's largest and fastest growing integrated energy infrastructure and services organizations. The Trust creates value by growing and optimizing assets and services across the energy value chain to serve North America's energy demand. Since 1994, AltaGas Income Trust has expanded its business to include natural gas gathering, processing and transmission, extraction of ethane and natural gas liquids, power generation, marketing of natural gas and natural gas liquids, as well as retail energy services to commercial, industrial and institutional end-users across Canada.
AltaGas Income Trust's units are listed on the Toronto Stock Exchange under the symbol ALA.UN. The Trust is included in the S&P/TSX Composite Index, the S&P/TSX Capped Income Trust Index and the S&P/TSX Capped Energy Trust Index.
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