Canadian Wind Power Company Purchased

TransAlta Corporation has agreed to purchase Vision Quest Windelectric for CAN$37 million (US$24 million).

Calgary, Alberta – October 29, 2002 [] This deal brings TransAlta’s total investment in the Calgary wind power company to CAN$50 million (US$32 million). TransAlta will also assume Vision Quest’s CAN$32 million (US$20.5 million) debt. “The purchase of Vision Quest is the cornerstone of our Renewable Energy strategy,” said Steve Snyder, TransAlta’s President and CEO. “TransAlta’s long-term goal is to have 10 percent of our total generation from Renewable Energy. Vision Quest and its superb management team provide one of the strongest platforms in North America for wind power development. This transaction also reflects our commitment to a multi-fuel, balanced approach to electricity generation and a commitment to sustainable development. Renewables, including wind power, are an important part of that mix.” The purchase is expected to close before year-end subject to regulatory approval. Vision Quest will become a wholly owned, independently operated subsidiary of TransAlta. “We are very excited about this deal and the future growth of our company,” said Fred Gallagher, Managing Director and CEO of Vision Quest. “TransAlta demonstrated its confidence in wind power over two years ago with its first investment in Vision Quest. This latest investment confirms the significant opportunity to grow wind energy as a major source of electrical generation. Vision Quest is now better positioned, stronger and more capable to expand rapidly.” Vision Quest owns and operates 67 wind turbine power plants with 44 MW of total peak capacity. This is enough energy to supply more than 20,000 average Canadian homes annually. Vision Quest is active in Alberta as a generator, holds electricity retailer licenses in Ontario, and has interests in wind power projects in several other provinces.
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