Suncor Energy and EHN wind power project receives regulatory approval
(All financial information in Canadian dollars.)
CALGARY, Sept. 4 /CNW/ - Suncor Energy Products Inc., (a subsidiary of
Suncor Energy Inc.) and EHN Wind Power Canada Inc. announced today they have
received approval from the Alberta Energy and Utilities Board to construct a
$48 million, 30-megawatt wind power project. The project, to be located about
six kilometres west of Magrath in southern Alberta, is a joint venture between
Suncor and EHN.
Construction is expected to begin work in mid-September, with the
20-turbine facility to be 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.
"The Magrath project is another major step in our commitment to build a
renewable energy business," says Rick George, Suncor president and chief
executive officer. "It supports the diversification of Canada's energy sources
for the future and empowers consumers to choose renewable energy to meet part
of their energy needs."
When completed, 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-megawatt wind power project in Saskatchewan that is a 50/50
partnership with Enbridge Inc. Together, the two projects are expected to
provide about 115,000 tonnes of carbon dioxide emission reductions annually.
"We are very pleased with the materialization of the Magrath Project,"
said Alberto de Miguel, EHN's executive director of development. "This is our
first experience in Canada and a significant step forward for our future
expansion plans."
Suncor Energy Inc. is an integrated energy company headquartered in
Calgary, Alberta. Suncor's oil sands business, located near Fort McMurray,
Alberta, extracts and upgrades oil sands and markets refinery feedstock and
diesel fuel while operations throughout western Canada produce natural gas.
Suncor operates a refining and marketing business in Ontario with retail
distribution under the Sunoco brand. The company's U.S.A. downstream assets
include pipeline and refining operations in Colorado and Wyoming and retail
sales in the Denver area under the Phillips 66 brand. As Suncor meets today's
energy needs, the company invests in renewable energy for the future. Suncor's
common shares (symbol: SU) are listed on the Toronto and New York stock
exchanges.
Sunoco in Canada is separate and unrelated to Sunoco in the United
States, which is owned by Sunoco, Inc. of Philadelphia.
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 Wind Power Canada Inc. is a wholly
owned subsidiary of Corporacion EHN S.A. Group EHN has installed over 1,500 MW
of renewable energy projects, of these 723 MW are company-owned and 812
developed and constructed for third parties in Spain, France, and Germany, and
holds an impressive project development pipeline for the near future.
This news release contains forward-looking statements that may be
identified by words such as plan, expected and similar expressions. These
forward-looking statements are not guarantees of future performance and actual
results could differ materially, as a result risks and uncertainties that
could include technical issues and uncertainties resulting from delays,
changes in plans and the occurrence of unexpected events. These and other risk
factors are discussed in more detail in Suncor's Annual and Quarterly Reports
to shareholders, Annual Information Form and other documents filed with
securities regulatory authorities.
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For further information: on Suncor's plans for renewable energy, visit
www.suncor.com or contact: Patti Lewis, Phone: (403) 205-6796,
plewis@suncor.com; For more information about EHN, visit www.ehn.es or
contact: Jose Arrieta, Phone: (703) 351-4484, jarrieta@ehn.es;
To request a free copy of this organization's annual report, please go to
newswire.ca and click on reports@cnw.
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