Calgary, Alberta-based AltaGas Income Trust has added to its renewable energy initiatives with the addition of hydroelectric and wind power development projects. Two acquisitions will add approximately 325 MW of run-of-river hydroelectric development projects and approximately 600 MW of wind development projects to AltaGas' current renewable energy portfolio.
AltaGas has agreed to acquire GreenWing Energy Management Ltd.'s 45% interest in GreenWing Energy Development Limited Partnership (GEDLP) for $12.3 million. As a result, AtlasGas will own 100% of GEDLP. This acquisition is expected to close Aug. 15.
In a separate transaction, AltaGas has entered into an agreement to acquire NovaGreenPower Inc., a wholly owned subsidiary of NovaGold Resources Inc., for $35 million on closing. AltaGas will pay an additional $5 million to NovaGold on completion of certain conditions subsequent.
NovaGreen is developing the Forrest Kerr run-of-river hydroelectric project, which is expected to have a capacity of 195 MW, in northwest British Columbia.
‘These acquisitions demonstrate our commitment to prudently grow and diversify our power infrastructure business through the development of significant renewable energy projects in western Canada and the western U.S.,’ says David Cornhill, chairman and CEO of AltaGas.
SOURCE: AltaGas Income Trust