Canadian Wind Power Prospects

Suncor Energy Inc. and EHN’s subsidiary NAR, are seeking approval from the Alberta Energy and Utilities Board to construct a CAD$48-million (US$ 34.5 million), 30-MW wind power project. The project, proposed to be located about six km west of Magrath in southern Alberta, is a joint venture between Suncor and EHN.

Calgary, Canada – May 28, 2003 [] Pending regulatory, and Suncor and EHN corporate approvals, construction is planned to begin this fall, with the 20-turbine facility to be tested and online by late 2004. Suncor and EHN plan to sell the power into the provincial electricity grid and the project is expected to generate enough energy to meet the equivalent demands of about 13,000 homes. “This Magrath project reflects Suncor’s willingness to take unconventional approaches to the energy industry,” said Rick George, president and chief executive officer. “It’s a key part of our CAD$100 million (US$ 72 million) commitment to develop renewable sources of energy.” If approved, the Magrath Wind Power Project would be Suncor’s second major investment in wind power. Suncor’s other Renewable Energy initiative is SunBridge, an 11 MW wind power project in Saskatchewan that is a 50/50 partnership with Enbridge Inc. Together, the two projects are expected to provide nearly 15 percent of Canada’s total installed wind electricity capacity and provide about 115,000 tons of carbon dioxide emission reductions annually. “This is a major step for materializing our development efforts in Canada, which is considered a strategic country for our expansion plans,” said Alberto de Miguel, EHN’s executive director of development. Suncor’s Oil Sands business mines and upgrades oil sands into refinery feedstock and diesel fuel, near Fort McMurray in northern Alberta. Suncor is also a conventional natural gas producer in Western Canada and operates a refining and marketing business in Ontario. At the same time as Suncor meets today’s energy needs, the company invests in Renewable Energy for the future, through its subsidiary, Suncor Energy Products Inc. Corporacion Energia Hidroelectrica de Navarra, S.A. (EHN) of Spain is a group of companies dedicated to the development, construction, operation and ownership of Renewable Energy projects. EHN is expanding its wind power expertise in North America. NAR (North American Renewables Corp.) is a wholly owned subsidiary of EHN S.A.
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