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

Senate Passes Tax Extenders Bill With Wind PTC Extension

The legislation, which passed in the U.S. House earlier this month, will renew the critical production tax credit through the end of 2014 - giving developers only about two weeks left to start construction.


Transmission Study Shows Nebraska Could Handle A Lot More Wind Power

A new report released by the Nebraska Power Review Board finds that the state already has enough infrastructure to accommodate at least 2 GW of additional wind generation.


Can Wind Energy And Birds Coexist? Environmental Group Says Yes

The Environmental Defense Fund, a supporter of responsible wind energy development, points out ways to help mitigate impacts of turbines on birds and bats.


Another Study Finds Wind Turbines Do Not Affect Nearby Property Values

Research conducted by the University of Guelph focused on regions in Ontario, and the conclusion echoes that of previous studies.


Too Little, Too Late? U.S. House Approves Wind PTC Extension

The U.S. House of Representatives has passed a tax extenders package that would renew the wind production tax credit (PTC) and about 50 other expired tax breaks through 2014. The wind industry argues the short-term fix is virtually no fix at all.

Hybrid Energy Innovations 2015