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


Trachte Inc._id1770
Latest Top Stories

Utility-Scale Wind And Solar Keep Getting Cheaper

A new study measures the levelized cost of energy from various technologies and suggests that the costs of utility-scale wind and solar power are catching up with those of traditional sources, even without subsidies.


The Song Remains The Same: Ontario Seeks More Science Before Lifting Offshore Ban

The Ontario government says the nearly four-year-old offshore wind moratorium will remain in place until the province fully understands the technology’s impact on the environment.


Why States Should Adopt A Renewable Portfolio Standard

A new study analyzes the potential benefits of state renewable energy mandates, as well as recommends what such policies should include.


Sen. Reid Vows To Bring Wind PTC To A Vote By Year's End

Nevada's senior senator provides some encouragement to wind industry advocates during his annual Clean Energy Summit.


Steadily, Wind Turbine OEMs Resume R&D Investment

An increased commitment to research and development will likely lead to wind energy innovation - not to mention a likely increase in patent-protected technology.

Canwea_id1984
Renewable NRG_id1934
Future Energy_id2008
UnitedEquip_id1995