SUEZ Energy North America Affiliate to Acquire Ventus Energy of Canada
HOUSTON, July 26 /PRNewswire/ — A SUEZ Energy North America affiliate has signed an agreement to acquire the Canadian wind power development company Ventus Energy Inc. The transaction will involve the purchase of 100 percent of the shares of Ventus for CDN$124 million in cash. This marks the first entry of SUEZ into the North American wind energy market.
Incorporated in 2003, Ventus’ portfolio includes 25 wind energy development projects in six provinces in eastern Canada, including Ontario, Quebec, Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador. The portfolio is believed to be one of the largest portfolios of potential wind energy projects in Canada.
The Ventus portfolio includes close to 2,000 MW of electricity generation in various stages of development. The company has secured land rights to more than 17 million acres of land for construction of its projects. Ventus has 29 MW commissioned and operating at its Norway Wind Park and West Cape Wind Energy Inc. facilities in Prince Edward Island. The wind developer also has another 80 MW under construction and has received a further 99 MW of Power Purchase Agreements under the Ontario Standard Offer Contract program with the Ontario Power Authority, which will commence construction soon.
Although the investment in Ventus is the company’s first North American wind venture, SUEZ is a longtime global leader in utilizing renewable energy sources, including hydro power, biomass, and wind power.
“With Ventus SUEZ is investing in an experienced, accomplished development team, with whom we look forward to working to expand the company’s renewables presence within North America,” said Zin Smati, president and chief executive officer of SUEZ Energy North America. “The acquisition will also diversify SUEZ’s North American portfolio from a fuel and technology standpoint as well as strengthen our retail energy services offerings in the sale of renewable energy credits into the New England power market.”
With more than 1,500 MW of installed wind capacity in June 2007, according to the Canadian Wind Energy Association, Canada is one of the world’s leading installers of wind generation.
“We are extremely pleased to be aligned with a global energy leader like SUEZ,” said John Douglas, chief executive officer of Ventus. “Their global resources and construction expertise will significantly improve our ability to compete, procure wind turbines and execute our business plan in Canada. This is a watershed moment for our employees and development partners.”
Entry into the wind power sector in North America will provide opportunities both in new and existing markets for the company. The location of these assets will allow SUEZ to serve new customers in Canada’s eastern provinces and to expand its supply of much-needed electricity to New England as well.
About Ventus Energy Inc.
Ventus Energy Inc. is one of Canada’s leading independent wind energy companies. Ventus has a significant development portfolio of potential wind power projects totaling approximately 2,000 MW on 25 sites in Ontario, Quebec, Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador. Ventus currently has 29 MW of installed wind capacity and 179 MW of wind energy projects under or soon to commence construction. Ventus has secured land rights to over 17 million acres of land to conduct this development, representing one of the largest portfolios of potential wind energy projects in Canada. Ventus has formed partnerships with the Cree Nation of Chisasibi, along the La Grande River Hydro Complex in Northern Quebec, the Pays Plat First Nation on the north shore of Lake Superior and the Metis Nation in Labrador. These initiatives have resulted in formidable development partnerships. Earlier this year, Ventus became the first Canadian independent power producer to export wind power from Canada into the United States. Ventus is privately-owned and is based in Toronto, Ontario. For more information on Ventus Energy Inc., please visit http://www.ventusenergy.ca/.
About SUEZ Energy North America
Based in Houston, SUEZ Energy North America, Inc. is the business unit of SUEZ Energy International responsible for managing SUEZ positions within the energy value chain in the United States, Mexico, and Canada, including electricity generation and cogeneration, natural gas and liquefied natural gas (LNG), asset-based trading and origination, and retail energy sales and related services to commercial and industrial customers.
SUEZ Energy North America owns and/or operates a total of 45 power, cogeneration, steam, and chilled-water facilities, including those in construction or development, representing a capacity of more than 5,538 MW of electricity generation, 6.4 million pounds per hour of steam, and 61,749 tons per hour of chilled water. SUEZ Energy North America’s wholly owned subsidiary, Distrigas of Massachusetts, owns and operates a liquefied natural gas receiving terminal in Everett, Mass., which began operations in 1971 and currently serves most of the gas utilities in New England and key power producers, meeting approximately 20 percent of New England’s annual gas demand. In addition, SUEZ Energy North America has two LNG deepwater port projects under development off the coasts of Massachusetts and Florida.
SUEZ Energy International is a business line of SUEZ , which is an international industrial and services Group that employs 140,000 people worldwide.
For more information about these companies and their activities, please visit the following Web sites:
SUEZ: http://www.suez.com/ SUEZ Energy International: http://www.suezenergyint.com/ SUEZ Energy North America: http://www.suezenergyna.com/
SUEZ Energy North America, Inc.
CONTACT: Julie Vitek of SUEZ Energy North America, +1-617-526-8334,Julie.vitek@suezenergyna.com; or Katja Damman of SUEZ Energy International,+32 2 510 70 69, Katja.damman@suezenergyint.com; or John Douglas of VentusEnergy Inc., +1-416-214-1112, ext. 229, jd@ventusenergy.ca