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 the company'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 an investment of about $600 million.
The sale of Blackspring Ridge follows the successful sale of Greengate's construction-ready 150 MW Halkirk Wind Project in June 2011. These two projects totaling 450 MW are expected to reduce greenhouse gas emissions by more than 20 million tons over 25 years, provide a clean source of power to about 200,000 homes and result in nearly $1 billion of investments in wind energy in Alberta.
CIBC World Markets Inc. acted as financial advisor to Greengate in connection with the sale of Blackspring Ridge.
With the sale of Blackspring Ridge completed, Greengate will now focus its attention on advancing the development of the other projects in its portfolio. This portfolio includes the 150 MW Paintearth Wind Project which is immediately adjacent to Halkirk, the 150 MW Wheatland Wind Project which is immediately adjacent to the operating 88 MW Wintering Hills Wind Power Project, and the 150 MW Stirling Wind Project which is in close proximity to the operating 30 MW Chin Chute Wind Power Project.
Greengate is a privately held renewable energy project developer based in Calgary, Alberta, Canada.