Calgary-based Greengate Power Corp., a developer of wind energy projects, has sold its 300 MW Blackspring Ridge wind project to Enbridge Inc. and EDF EN Canada Inc. While financial details of the acquisition were not published, the Blackspring Ridge project was said to represent the largest investment in wind energy in Alberta at approximately C$600 million. Greengate Power has been backed by venture capital firms NGEN Partners, SAM Private Equity and Westly Group since 2011.
Greengate Power Corporation (“Greengate”) is pleased to announce that it has completed the sale of its construction-ready 300 MW Blackspring Ridge Wind Project (“Blackspring Ridge”) to Enbridge Inc. and EDF EN Canada Inc. Greengate will provide development services to Enbridge and EDF EN Canada during the construction of Blackspring Ridge. Located in Vulcan County, Alberta, Blackspring Ridge is expected to be Western Canada’s largest operating wind energy project upon completion in 2014. Enbridge and EDF EN Canada will each own 50 percent of the Project. Blackspring Ridge represents the largest investment in wind energy in Alberta at approximately $600 million.
The sale of Blackspring Ridge follows the successful sale of Greengate’s construction-ready 150 MW Halkirk Wind Project (“Halkirk”) in June 2011. Halkirk is currently the largest operating wind energy project in Alberta, but will be surpassed by Blackspring Ridge once it is operational. These two projects totalling 450 MW are expected to reduce greenhouse gas emissions by more than 20 million tonnes over 25 years, provide a clean source of power to approximately 200,000 homes and result in nearly $1 billion of investments in wind energy in Alberta.
“The sale of Blackspring Ridge to Enbridge and EDF EN Canada ensures that Western Canada’s largest wind energy project will be constructed and that the associated economic and environmental benefits will be realized,” said Dan Balaban, President and CEO of Greengate. “This successful project is another example of the world-class development capabilities of our team.”
CIBC World Markets Inc. acted as financial advisor to Greengate in connection with the sale of Blackspring Ridge.
With the sale of Blackspring Ridge completed, Greengate will now focus its attention on advancing the development of the other projects in its portfolio. This portfolio includes the 150 MW Paintearth Wind Project which is immediately adjacent to Halkirk, the 150 MW Wheatland Wind Project which is immediately adjacent to the operating 88 MW Wintering Hills Wind Power Project, and the 150 MW Stirling Wind Project which is in close proximity to the operating 30 MW Chin Chute Wind Power Project.
About Greengate Power Corporation
Greengate is a privately held renewable energy project developer based in Calgary, Alberta, Canada, focused on the development of high quality wind energy projects. Greengate is currently developing 850 MW of wind energy projects across Alberta on approximately 100,000 acres of private land. For more information on Greengate, please visit www.greengatepower.com.
FORWARD LOOKING STATEMENTS:
This news release contains forward-looking statements and forward-looking information (collectively “forward looking information”) within the meaning of applicable securities laws. In particular, forward looking information in this news release includes, but is not limited to: statements with respect to Blackspring Ridge and Greengate’s other wind energy projects, including the expected completion date, cost, producing capacity and relative size of Blackspring Ridge and the environmental and economic impact of Blackspring Ridge and Halkirk. The forward-looking information is based on certain key expectations and assumptions made by Greengate, including expectations and assumptions concerning the development of its wind energy projects and other wind projects in Canada; the state of the economy and the cleantech business; business prospects and opportunities; the current regulatory and political environment; and existing financial commitments.. Although Greengate believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Greengate can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this news release are made as of the date hereof and Greengate undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.
Image with caption: “Greengate Power Corporation (CNW Group/Greengate Power Corporation)”. Image available at: http://photos.newswire.ca/images/download/20130408_C3293_PHOTO_EN_25287.jpg
SOURCE: Greengate Power Corporation
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