CALGARY, ALBERTA--(Marketwire - Nov. 21, 2007) - AltaGas Income Trust (AltaGas or the Trust) (TSX:ALA.UN) today announced further details relating to its plans to construct the Bear Mountain Wind Park near Dawson Creek, B.C. Bear Mountain Wind Limited Partnership (BMWLP), the developer of the wind park, is currently wholly owned by AltaGas. The wind park comprises 34 turbines with a total capacity of about 100 megawatts of electricity.
As previously discussed, BMWLP has been working with a turbine supplier and has now signed an agreement with Enercon GmbH (Enercon), a leading turbine manufacturer based in Germany, to provide and install the turbines under a fixed-price EPC contract, and to operate and maintain the turbines under a long-term service agreement. The total cost of the project is expected to be approximately $190 million, approximately 80 percent of which is represented by the Enercon EPC contract.
"We are excited to have an agreement in place with Enercon for Bear Mountain and consider their turbines to be among the most advanced in the industry," said David Cornhill, Chairman, President and CEO of AltaGas. "We are pleased to have been able to optimize the project by using fewer turbines while generating a significant amount of clean, renewable electricity for the people of British Columbia."
The total land use footprint of the project has been reduced by more than 25 percent, from approximately 35 hectares to approximately 25 hectares. From blade tip to blade tip, the turbines will be placed a minimum of 164 metres apart along the ridge of Bear Mountain - nearly twice as far apart as originally planned.
The Bear Mountain Wind Park is scheduled to start construction in the next few weeks and be in service in November 2009.
BMWLP draws significant support from Peace Energy A Renewable Energy Cooperative (Peace), based in Dawson Creek, B.C., who originated the concept for the wind park. Peace has been offered a minority interest in the project. AltaGas is also working with a financial investor to join the project and ultimately expects to own approximately 45 percent of the project.
AltaGas Income Trust is one of Canada's largest and fastest growing integrated energy infrastructure and services organizations. The Trust creates value by growing and optimizing assets and services across the energy value chain to serve North America's energy demand. Since 1994, AltaGas Income Trust has expanded its business to include natural gas gathering, processing and transmission, extraction of ethane and natural gas liquids, power generation, marketing of natural gas and natural gas liquids, as well as retail energy services to commercial, industrial and institutional end-users across Canada.
AltaGas Income Trust's units are listed on the Toronto Stock Exchange under the symbol ALA.UN. The Trust is included in the S&P/TSX Composite Index, the S&P/TSX Income Trust Index and the S&P/TSX Capped Energy Trust Index.
This news release contains forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Trust or an affiliate of the Trust, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Trust's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Trust's public disclosure documents. Many factors could cause the Trust's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Trust does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.