CALGARY, Dec. 17 /CNW/ - Greengate Power Corporation ("Greengate"), through its wholly-owned subsidiary Halkirk I Wind Project L.P., has entered into a joint venture agreement to develop, construct and operate the Halkirk I Wind Project with Capital Power Corporation ("Capital Power") (TSX: CPX), through its subsidiary Capital Power L.P. Under the terms of the agreement, each party will own a 50% interest in the project. Greengate will lead development, while Capital Power will manage construction and operation of the project. Commercial operation is targeted for late 2011 or early 2012, contingent upon the satisfaction of several conditions, one of which is that a material portion of the revenues from the project be contracted through long-term fixed-price agreements.
Upon completion, the Halkirk I Wind Project is expected to be Alberta's largest operating wind energy project with a total generating capacity of 150 MW. The project is located in Central Alberta in the County of Paintearth near the Village of Halkirk, approximately 275 km northeast of Calgary.
"Partnering with Capital Power validates Greengate's transmission focused development strategy," said Dan Balaban, President and CEO of Greengate. "Teaming our development expertise and high quality projects with Capital Power's successful track record of constructing and operating power projects is a recipe for success."
About Greengate Power Corporation
Greengate is a privately held renewable energy project developer based in Calgary, Alberta. Focused on the development of quality wind energy projects across Alberta with access to existing transmission, Greengate is currently developing 1,550 MW of wind energy projects on approximately 200,000 acres of private land. Greengate's vision is to be Canada's largest pure-play renewable energy producer. For more information on Greengate, please visit www.greengatepower.com.
FORWARD LOOKING STATEMENTS:
This news release contains forward-looking statements and forward-looking information (collectively "forward looking information") within the meaning of applicable securities laws. Forward-looking information typically use words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future. In particular, forward looking information in this news release includes, but is not limited to: statements with respect to the satisfaction of certain conditions, commercial operation target dates, and expected project completion dates. The forward-looking information is based on certain key expectations and assumptions made by Greengate and Halkirk I Wind Project LP, including expectations and assumptions concerning its projects, the state of the economy, commodity prices and the wind energy business; business prospects and opportunities; the current regulatory and political environment; and existing financial commitments. Although Greengate and Halkirk I Wind Project LP believe that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Greengate and Halkirk I Wind Project LP can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, receipt of required regulatory approvals, ability to enter into suitable long-term fixed-price agreements, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. The forward-looking statements contained in this news release are made as of the date hereof and Greengate and Halkirk I Wind Project LP undertake no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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Manager, Marketing & Corporate Communications