AltaGas Announces Close of Blythe Energy Center
16 Mai 2013 - 6:24PM
Marketwired
AltaGas Ltd. ("AltaGas") (TSX:ALA)(TSX:ALA.PR.A)(TSX:ALA.PR.U)
announced today that through its indirect wholly owned subsidiary
AltaGas Power Holdings (U.S.) Inc., it has successfully completed
the acquisition of Blythe Energy, LLC ("Blythe"), which owns a 507
MW natural gas-fired combined cycle plant (the "Blythe Energy
Center"), associated major spare parts, and a related 230 kV
67-mile electric transmission line in Southern California, for
US$515 million.
"Blythe is an important addition to our energy infrastructure
portfolio and fits well with our strategy," said David Cornhill,
Chairman and CEO of AltaGas. "The addition of natural gas-fired
power generation in the US provides us with another platform for
growth to meet the increasing demand for clean sources of energy
and capitalize on the renaissance of natural gas."
The Blythe Energy Center is contracted under a Power Purchase
Agreement ("PPA") through to July 2020 with Southern California
Edison. Contract provisions match PPA revenues to all major plant
costs.
The Blythe Energy Center is well positioned upon expiry of the
PPA in 2020 to contract with other market participants due to its
location and ability to serve both the California Independent
System Operator and Desert Southwest markets. The demand for
cleaner energy sources, including natural gas, continues to be
strong across North America and is a key driver for potential
future growth of the Blythe Energy Center. Blythe is located on an
owned 76-acre site which provides a significant geographic
footprint for potential future expansion.
The Acquisition is expected to be accretive to earnings and cash
flow per share in 2014, the first full year of ownership, and is
expected to add approximately $50 million in incremental contracted
EBITDA per year.
AltaGas is an energy infrastructure business with a focus on
natural gas, power and regulated utilities. AltaGas creates value
by acquiring, growing and optimizing its energy infrastructure,
including a focus on clean energy sources. For more information
visit: www.altagas.ca.
This news release contains forward-looking statements. When used
in this news release, the words "may", "would", "could", "will",
"intend", "plan", "anticipate", "believe", "seek", "propose",
"estimate", "expect", and similar expressions, as they relate to
AltaGas or an affiliate of AltaGas, are intended to identify
forward-looking statements. In particular, this news release
contains forward-looking statements with respect to, among other
things, business objectives, expected growth, results of
operations, performance, business projects and opportunities and
financial results. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking statements. Such statements reflect AltaGas'
current views with respect to future events based on certain
material factors and assumptions and are subject to certain risks
and uncertainties, including without limitation, changes in market,
competition, governmental or regulatory developments, general
economic conditions and other factors set out in AltaGas' public
disclosure documents. Many factors could cause AltaGas' actual
results, performance or achievements to vary from those described
in this news release, including without limitation those listed
above. These factors should not be construed as exhaustive. Should
one or more of these risks or uncertainties materialize, or should
assumptions underlying forward-looking statements prove incorrect,
actual results may vary materially from those described in this
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proposed, estimated or expected, and such forward-looking
statements included in, or incorporated by reference in this news
release, should not be unduly relied upon. Such statements speak
only as of the date of this news release. AltaGas does not intend,
and does not assume any obligation, to update these forward-looking
statements. The forward-looking statements contained in this news
release are expressly qualified by this cautionary statement.
Contacts: AltaGas Ltd. Investment Community
1-877-691-7199investor.relations@altagas.ca AltaGas Ltd. Media
(403) 691-9873media.relations@altagas.ca www.altagas.ca
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