Supports New Brunswick Power's provincial energy
strategy
CALGARY, Oct. 19, 2018 /PRNewswire/ - The 17.25MW
expansion of the TransAlta Renewables Inc. ("TransAlta Renewables"
or the "Company") (TSX: RNW) wind facility at Kent Hills, in
New Brunswick is now fully
operational, bringing total generating capacity to 167 MW.
Under the 17-year power purchase agreement, New Brunswick Power
receives both energy to the province's electricity grid and
renewable energy credits.
"Our partnership with New Brunswick Power reflects our
commitment to customize every project to meet the unique needs of
our customers," said TransAlta Renewables President John Kousinioris. "We value the close
collaboration with our customer and with our stakeholders, which
was the cornerstone of our first Kent Hills wind project in 2008
and remains with this expansion to the original wind facility."
"The additional renewable capacity of Kent Hills 3 achieves the
production targets and is great news for the environment. It will
also give NB Power the potential to facilitate other business
development opportunities in the green energy export sector," said
Gaëtan Thomas, CEO, New Brunswick Power.
TransAlta Renewables' engagement with project stakeholders and
indigenous communities is a great example of working together to
bring important new infrastructure to a modern grid.
As part of the development and regulatory approval process,
TransAlta Renewables worked with the government, neighbouring
Indigenous communities, Mi'gmawe'l Tplu'taqnn Inc. and Fort Folly
First Nation, and local stakeholder groups such as the Snowmobilers
Association.
The Kent Hills 3 expansion is located on approximately 20 acres
of Crown Land and consists of five Vestas V126 turbines. Kent Hills
is located about 55km southwest of Moncton, in the southeastern section of
Elgin Parish in Albert County, N.B.
Natural Forces Technologies Inc., a wind-energy developer based in
Atlantic Canada, co-developed and
co-owns the wind farm with TransAlta Renewables.
Construction began in April 2018,
achieving completion in under six months.
About TransAlta Renewables Inc.
TransAlta Renewables is among the largest of any publicly
traded renewable independent power producers ("IPP") in
Canada. Our asset platform and economic interests are
diversified in terms of geography, generation and counterparties
and consist of interests in 21 wind facilities, 13 hydroelectric
facilities, seven natural gas generation facilities, one solar
facility and one natural gas pipeline, representing an
ownership interest of 2,421 MW of owned generating capacity,
located in the provinces of British
Columbia, Alberta,
Ontario, Québec, New Brunswick, the States of Wyoming, Massachusetts, Minnesota and the State of Western Australia. Our objectives
are to (i) provide stable, consistent returns for investors through
the ownership of, and investment in, highly contracted renewable
and natural gas power generation and other infrastructure
assets that provide stable cash flow primarily through long-term
contracts with strong counterparties; (ii) pursue and capitalize on
strategic growth opportunities in the renewable and natural gas
power generation and other infrastructure sectors; (iii) maintain
diversity in terms of geography, generation and counterparties; and
(iv) pay out 80 to 85 per cent of cash available for distribution
to the shareholders of the Company on an annual basis.
Forward-Looking Statements
This news release contains forward-looking statements about
TransAlta Renewables' objectives, plans, goals, intentions,
strategies, prospects and opportunities. Forward-looking statements
in this news release include statements relating to the Company's
ability to achieve the production targets for Kent Hills.
These statements are subject to a number of risks and
uncertainties that could cause actual plans, actions and results to
differ materially from current expectations including, but not
limited to, changes in tax, regulatory, environmental, and other
laws and regulations; operational breakdowns, failures, or other
disruption; changes in economic and market conditions, and other
risks and uncertainties discussed in the Company's materials filed
with the Canadian securities regulatory authorities from time to
time. Readers are cautioned not to place undue reliance on
these forward-looking statements, which reflect TransAlta
Renewables' expectations only as of the date of this news release.
TransAlta Renewables disclaim any intention or obligation to update
or revise these forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
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SOURCE TransAlta Renewables Inc