CALGARY, ALBERTA--(Marketwire - Nov. 2, 2009) - AltaGas Income Trust (AltaGas or the Trust) (TSX:ALA.UN) is pleased to announce that its Bear Mountain Wind Park is now fully commissioned and connected to the British Columbia power grid. The Park has satisfied the conditions of Commercial Operation Date (COD) and will now receive the firm price under the 25-year energy purchase agreement (EPA) with BC Hydro.
"The completion of Bear Mountain Wind Park is a milestone event for AltaGas and for British Columbia. As the first fully operational wind park in B.C., Bear Mountain Wind Park is adding to the province's supply of renewable energy," said David Cornhill, Chairman and CEO of the Trust.
AltaGas met conditions of COD by satisfying the British Columbia Transmission Corporation (BCTC) certification and grid compatibility requirements, and by successfully completing a 72-hour test which ended October 24, 2009. During the test period, the turbines performed well and the Park produced approximately 2,000 megawatt-hours of energy. "The turbines, substation, and transmission infrastructure are performing as anticipated and the Park is meeting AltaGas' expectations," said Cornhill.
The $200 million project was completed on budget and ahead of schedule. "The success of AltaGas' Bear Mountain Wind Park demonstrates our strategy of investing in and building projects that are long-term, stable assets. AltaGas has again proven its ability to meet complex project development and construction targets on time and on budget."
With a total capacity of 102 MW, the Park will produce enough energy to power most of B.C.'s South Peace region. Under the Government of Canada's ecoENERGY for Renewable Power program, the project will receive a one cent per kilowatt-hour incentive over the next ten years, in accordance with the terms of the agreement. The project includes green attributes, which AltaGas can trade or sell to third parties.
"Bear Mountain Wind Park is a great example of industry, community, and all levels of government, working together to achieve a common goal," said Cornhill. "It has been a delight to work with the people of Dawson Creek and the various governments to bring long-term, clean, renewable wind power to British Columbia."
AltaGas is committed to growing its renewable power generation capacity. With 1,500 MW of wind power opportunities and an additional 400 MW of run-of-river power opportunities under study or development, AltaGas is well positioned to be a leader in clean energy generation.
AltaGas Income Trust is one of Canada's largest and fastest growing energy infrastructure organizations. The Trust creates value by acquiring, growing and optimizing gas and power infrastructure, including a focus on renewable energy sources.
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.