News

AltaGas Income Trust and GreenWing Energy Management Ltd. to jointly develop wind power projects

April 04, 2006





CALGARY--(CCNMatthews - April 4) - AltaGas Income Trust (AltaGas or the Trust) (TSX: ALA.UN) and GreenWing Energy Management Ltd. (GreenWing) today announced the formation of a limited partnership for the purpose of developing a portfolio of power projects in North America. Initially, GreenWing Energy Development Limited Partnership (GEDLP) will hold 10 proposed wind projects, representing the potential to develop a total capacity of approximately 800 MW.

David Cornhill, Chairman, President and CEO of AltaGas said, "AltaGas' partnership with GreenWing fits our strategy to expand power generation capacity by adding renewable wind power to our portfolio." He added, "By working with GreenWing, AltaGas is well positioned to move into the development and operation of longterm renewable wind power generation in North America. AltaGas is very pleased with this arrangement and is looking forward to a productive long-term relationship with GreenWing".

The limited partnership is seeking to develop a portfolio of wind power generation projects in Western Canada and the Western United States. GEDLP anticipates that, subject to successful participation in bid processes or negotiation with purchasers, it will be able to enter into long-term power purchase arrangements for the majority of the current projects. AltaGas has the right to finance up to 100 percent of the debt and equity of the projects.

GreenWing will manage the limited partnership and take the lead development role. GEDLP has entered into agreements with landowners for more than 70,000 acres and is assembling additional land packages in the project areas. It has also responded to the Expression of Interest issued by Manitoba Hydro for their expected request for proposals for 1000 MW of wind energy.

"GreenWing is excited to partner with AltaGas," said Dan Allard, President of GreenWing. "Our power and project development expertise, combined with AltaGas' solid track record and financial strength, will make the combination a competitive force in North America."

GreenWing is a Vancouver, B.C.-based team of independent power developers focused on the development, financing and operation of energy facilities. GreenWing personnel have built, engineered, financed and operated a number of power generation facilities throughout North America.

AltaGas announced its initial investment in renewable generation in January, with the proposed Bear Mountain wind power project in northeast British Columbia, near Dawson Creek. AltaGas will continue to pursue energy infrastructure development and acquisition opportunities that meet its investment criteria.

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 Capped 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.


FOR FURTHER INFORMATION PLEASE CONTACT:
Media:
Dennis Dawson
(403) 691-7534
Email: dennis.dawson@altagas.ca


or


Investment Community:
Stephanie Labowka-Poulin
(403) 691-7136
Email: stephanie.labowka-poulin@altagas.ca


or


Investor Relations
1-877-691-7199
Email: investor.relations@altagas.ca
Website: www.altagas.ca