AltaGas Ltd. (TSX:ALA) (TSX:ALA.PR.A) (TSX:ALA.PR.U) announced the successful commissioning of the Busch Ranch Wind Project ("Busch Ranch") in southern Colorado. AltaGas owns a 50 percent interest in the 29 MW wind project with the local utility Black Hills/Colorado Electric Utility Company LP ("Black Hills Energy"). The power generated from AltaGas' 50 percent interest is sold pursuant to a 25-year renewable energy purchase agreement with Black Hills Energy. The project was completed ahead of schedule with a cost to AltaGas of US$25 million.
"Busch Ranch is a strong addition to our renewable portfolio in the U.S.," said David Cornhill, Chairman and CEO of AltaGas. "We continue to execute our growth strategy with long-term contracted assets that provide stable earnings and strong growth for our shareholders."
Busch Ranch, alongside the biomass generation assets acquired earlier in 2012, increases AltaGas' current renewable power generation in the U.S. to approximately 50 MW. All of these U.S. renewable power assets are fully contracted with long-term power purchase agreements.
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