in News Departments > FYI
print the content item

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


Advertisement

Trachte_id2056
Latest Top Stories

More Investors Entering Tax Equity Market; Returns Holding Steady

The entry of new tax equity investors to the wind space last year re-ignited an old debate.


Report: Top 10 Turbine OEMs Had Record Year In 2014

Preliminary findings suggest Vestas reigned supreme again among the world's leading wind turbine makers. How did some of the other OEMs fare?


AWEA's Gramlich To FERC: Additional Transmission Needed Regardless Of Clean Power Plan

To further build a more balanced and reliable electricity portfolio, the U.S. needs to build more transmission capacity.


Getting A Grip On Grinding Gearboxes: Why Such Events Need Not Be Showstoppers

Despite advances in gearbox reliability - namely, from condition monitoring systems and greater design standardization - challenges remain.


How Wind Energy Can Meet EPA Clean Power Plan Requirements

According to the American Wind Energy Association, wind power is a cost-effective solution for complying with the environmental effort.

Hybrid Energy Innovations 2015