CALGARY,
AB, Jan. 6, 2023 /CNW/ - Canadian Utilities
Limited (TSX: CU, CU.X)
ATCO, through its investment in Canadian Utilities Limited, has
successfully closed the previously announced acquisition of a
portfolio of wind and solar assets and projects located
in Alberta and Ontario from Suncor Energy Inc.
Concurrent with the close of this acquisition, ATCO entered into a
new 15-year renewable energy purchase agreement (REPA) with
Microsoft Corporation. Under the terms of the agreement, Microsoft
will purchase 150 megawatts (MW) of renewable energy generated by
ATCO´s newly acquired Forty Mile Wind Phase 1 Project in
Alberta.
"Today represents two big steps forward on our commitment to
become a leader in decarbonization," said Bob Myles, Executive Vice President, Corporate
Development, ATCO. "Firstly, with this transaction ATCO adds 232 MW
of operating wind assets and a 1.5-gigawatt renewable development
portfolio in Canada. Secondly,
with the 15-year REPA with Microsoft, we have enabled another
customer to reduce the carbon intensity of their operations."
"Today we are announcing a new power purchase agreement with
ATCO for the Forty Mile Wind Phase 1 Project in Alberta. This agreement, along with one we
announced in March 2022, supports our
commitment to decarbonization and furthers our goal of being
powered by 100% renewable energy by 2025. We look forward to
working with ATCO to help us get one step closer to our carbon
negative commitment and bring more renewable energy to the grid,"
said Chris Barry, President,
Microsoft Canada.
The Forty Mile Wind Phase 1 project is the second REPA ATCO has
signed in the past year with Microsoft. In March 2022, ATCO signed a 15-year REPA for
Microsoft to purchase all renewable energy generated by ATCO's
Deerfoot Solar Project located in Calgary, Alberta, one of the largest solar
installations in a major urban centre in Western Canada.
Customers buying through REPAs represents a long-term collaboration
that helps to bring new clean electricity generation online. It
also provides a demand signal to spur the development of new clean
energy solutions.
ATCO´s 202 MW Forty Mile Wind project is located in southeastern
Alberta, in the County of Forty
Mile. ATCO has successfully begun operating the Forty Mile Wind
facility as well as the 30 MW Adelaide wind facility in
Ontario.
Through a formal preemptive rights process, existing partners on
the Chin Chute and Magrath Wind projects opted to acquire the
additional interest in these facilities. As a result, the
corresponding 20 MW of net nameplate capacity of the previously
announced 252 MW operational portfolio was not acquired by ATCO as
part of this transaction and the final purchase price was adjusted
accordingly from $730 million to
$713 million.
With approximately 4,800 employees and assets of $21
billion, Canadian Utilities Limited is an ATCO company. Canadian
Utilities is a diversified global energy infrastructure corporation
delivering essential services and innovative business solutions in
Utilities (electricity and natural gas transmission and
distribution, and international electricity operations); Energy
Infrastructure (electricity generation, energy storage, and
industrial water solutions); and Retail Energy (electricity and
natural gas retail sales). More information can be found
at www.canadianutilities.com.
Investor & Analyst Inquiries:
Colin Jackson
Senior Vice President
Finance, Treasury, Risk & Sustainability
Colin.Jackson@atco.com
403 808 2636
Media Inquiries:
Kurt
Kadatz
Director, Corporate Communications
Kurt.Kadatz@atco.com
587 228 4571
Forward-Looking Information
Advisory
Certain statements contained in this news release constitute
forward-looking information. Forward-looking information is often,
but not always, identified by the use of words such as
"anticipate", "plan", "estimate", "expect", "may", "will",
"intend", "commitment", "future", and similar expressions. In
particular, forward-looking information in this news release
includes, but is not limited to, references to the expected
electricity generation capacity of the assets and projects that
have been acquired or that are expected to be developed in the
future; and the purchase and sale of electricity under the
referenced REPAs.
Although it is believed that the expectations reflected in the
forward-looking information are reasonable based on the information
that is available at the date hereof and the processes used to
prepare the information, such statements are not guarantees of
future performance and no assurance can be given that these
expectations will prove to be correct. Forward-looking information
should not be unduly relied upon. By their nature, these statements
involve a variety of assumptions, known and unknown risks and
uncertainties, and other factors, which may cause actual results to
differ materially from those anticipated in such forward-looking
information. The forward-looking information reflects current
beliefs and assumptions with respect to, among other things the
development and performance of technology and technological
innovations; continuing collaboration among project proponents,
various levels of government, government agencies and regulatory
bodies; the performance of assets and equipment; future energy
demand and use; future production rates; the availability and cost
of materials, equipment, services and labour.
Actual results could differ materially from those anticipated in
the forward-looking information as a result of, among other things,
risks inherent in the performance of technology and assets;
applicable laws and government policies; regulatory decisions;
competitive factors; prevailing economic conditions; credit risk;
interest rate fluctuations; the availability and cost of labour,
materials, services, and infrastructure; development and execution
risks; the development and performance of technology; the
occurrence of unexpected events such as fires, severe weather
conditions, explosions, blow-outs, equipment failures,
transportation incidents, and other accidents or similar events;
and other risk factors, many of which are beyond our control. Due
to the interdependencies and correlation of these factors, the
impact of any one assumption or risk on a forward-looking statement
cannot be determined with certainty. Readers are cautioned that the
foregoing lists are not exhaustive. The forward-looking information
in this news release represents current expectations as of the date
hereof and is subject to change after such date.
SOURCE ATCO Ltd.