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AltaGas has a rethink over wind investment

Calgary's AltaGas Income Trust is buying the 45% interest in Greenwing Energy Development Limited Partnership that it does not already own for C$12.3 million, a deal that will give AltaGas full rights to 640 MW of mature wind development projects and about 800 MW of early development wind projects in western Canada and the western US. AltaGas teamed up with Vancouver's Greenwing Energy Management

in April 2006 to form the wind project development company. Along with the Greenwing transaction, AltaGas also announced the purchase of NovaGreenPower, a company developing run-of-river hydroelectric projects in British Columbia. Both purchases will help "strategically balance" the company as a gas and power infrastructure builder and operator and help ensure long term, stable returns, says CEO David Cornhill. "These acquisitions demonstrate our commitment to prudently grow and diversify our power infrastructure business through the development of significant renewable energy projects," he says. Foundations are currently under construction for the Enercon wind turbines that will make up the company's 100 MW Bear Mountain Wind project near Dawson Creek in north-east British Columbia. The C$190 million project is the trust's first wind power facility and is scheduled to be on line in November 2009.

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