CALGARY, Dec. 17, 2018 /CNW/ - Greengate Power Corporation ("Greengate") is pleased to announce that its 113 MW Stirling Wind Project ("Stirling Wind") was awarded a 20-year Renewable Electricity Support Agreement ("RESA") by the Alberta Electric System Operator ("AESO"). Stirling Wind is jointly-owned by Greengate, Potentia Renewables Inc. ("Potentia") and Paul First Nation with Potentia owning a majority interest. With the award of this key contract, the project is expected to be under construction in the near future.
Stirling Wind is located in the County of Warner No.5 and Lethbridge County approximately 30 km southeast of the City of Lethbridge. Located on a large plateau of cultivated and grazing land, the project has an excellent wind resource which is among the best in Alberta. Under the terms of the RESA, Stirling Wind will receive a guaranteed price for all the power it produces for a period of 20 years.
"The Stirling Wind Project is among the first successful renewable energy project partnerships between industry and a first nations community in Alberta. We applaud the Government of Alberta for the continued success of its Renewable Electricity Program which is delivering long-term, low-cost clean power for Albertans," said Dan Balaban, President and Chief Executive Officer of Greengate. "Stirling is the third wind energy project successfully developed by Greengate in Alberta and demonstrates Greengate's continued leadership in Alberta's fast-growing renewable energy sector. We look forward to completing Stirling with our partners so that its social, economic and environmental benefits can be realized by all involved."
About Greengate Power Corporation
Greengate is an industry leading, privately-held sustainable energy company based in Calgary, Alberta, Canada. Since 2007, Greengate has successfully developed 480 MW of operating wind energy projects in Alberta and Ontario, Canada. These projects represent approximately $1 billion of investment and provide a clean source of power to over 200,000 homes. Greengate is currently pursuing the development of over 1,000 MW of sustainable energy projects in Alberta and across North America and continues to grow as an industry leading producer of renewable and clean energy. Additional information can be found at 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. In particular, forward looking information in this news release includes, but is not limited to: statements with respect to Stirling Wind and Greengate's other sustainable energy projects. The forward-looking information is based on certain key expectations and assumptions made by Greengate, including expectations and assumptions concerning the development of its sustainable energy projects; the state of the economy and the sustainable energy business; business prospects and opportunities; the current regulatory and political environment; and existing financial commitments. Although Greengate believes 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 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. The forward-looking statements contained in this news release are made as of the date hereof and Greengate undertakes 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 required by applicable securities laws.
SOURCE Greengate Power Corporation
For further information: Media Inquiries: Dan Balaban, President and Chief Executive Officer, Greengate Power Corporation, Email: [email protected], Tel: +1 403 930 1300