CALGARY, April 8, 2013 /PRNewswire/ - Greengate Power Corporation ("Greengate") is pleased to announce that it has completed the sale of its construction-ready 300 MW Blackspring Ridge Wind Project ("Blackspring Ridge") to Enbridge Inc. and EDF EN Canada Inc. Greengate will provide development services to Enbridge and EDF EN Canada during the construction of Blackspring Ridge. Located in Vulcan County, Alberta, Blackspring Ridge is expected to be Western Canada's largest operating wind energy project upon completion in 2014. Enbridge and EDF EN Canada will each own 50 percent of the Project. Blackspring Ridge represents the largest investment in wind energy in Alberta at approximately $600 million.
The sale of Blackspring Ridge follows the successful sale of Greengate's construction-ready 150 MW Halkirk Wind Project ("Halkirk") in June 2011. Halkirk is currently the largest operating wind energy project in Alberta, but will be surpassed by Blackspring Ridge once it is operational. These two projects totalling 450 MW are expected to reduce greenhouse gas emissions by more than 20 million tonnes over 25 years, provide a clean source of power to approximately 200,000 homes and result in nearly $1 billion of investments in wind energy in Alberta.
"The sale of Blackspring Ridge to Enbridge and EDF EN Canada ensures that Western Canada's largest wind energy project will be constructed and that the associated economic and environmental benefits will be realized," said Dan Balaban, President and CEO of Greengate. "This successful project is another example of the world-class development capabilities of our team."
CIBC World Markets Inc. acted as financial advisor to Greengate in connection with the sale of Blackspring Ridge.