CALGARY, March 10 /PRNewswire/ - Greengate Power Corporation ("Greengate") has received approval from the Alberta Utilities Commission ("AUC") to construct and operate its Blackspring Ridge I Wind Project pursuant to Section 11 of the Alberta Hydro and Electric Act. Greengate is expecting to begin construction on the project in 2012, with a target commercial operation date of 2013.
Upon completion, the Blackspring Ridge I Wind Project is expected to be Canada's largest operating wind energy project with a total generating capacity of 300 MW. The project is located in Southern Alberta in Vulcan County near the Village of Carmangay, approximately 165 km southeast of Calgary.
The AUC conducted an extensive review of the project, and found that its approval is in the public interest having regard to its social, economic and environmental effects.
"We are very pleased to have received AUC approval for what we expect to be Canada's largest operating wind energy project," said Dan Balaban, President and CEO of Greengate. "Our world-class development team led by Pablo Argeñal, Dan Tocher and Ryan Tourigny made this approval possible."
The Blackspring Ridge I Wind Project is expected to provide substantial economic benefits to rural Alberta in the form of new jobs, increased tax revenues and royalties for landowners. The project is also expected to have a significant positive impact on Alberta's environmental performance by supplying a clean source of electricity for 100,000 homes, and reducing greenhouse gas emissions by 600,000 tonnes per year, equivalent to removing 120,000 cars from Alberta's roads.
Greengate is a privately held renewable energy project developer based in Calgary, Alberta, Canada. It is focused on the development of high quality wind energy projects across Alberta with access to existing transmission and supported by long-term fixed-price agreements. 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. The forward-looking information is based on certain key expectations and assumptions made by Greengate, including expectations and assumptions concerning the Blackspring Ridge I Wind Project; the state of the economy and the cleantech 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, including but not limited to those described herein. 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