CALGARY, ALBERTA--(Marketwire - Nov. 29, 2011) - TransCanada Corporation (News - Market indicators) (NYSE:TRP) (TransCanada) today announced the completion of the Montagne Sèche project and phase one of the Gros-Morne wind farm. Combined, the two projects are capable of producing 159 megawatts (MW) of renewable energy, enough to meet the needs of over 17,000 homes.
"We're pleased to add these two additional projects to our diverse energy portfolio as it demonstrates our commitment to increasing the supply and availability of clean, renewable energy," said Russ Girling, TransCanada's president and chief executive officer. "With the successful start-up of these projects, we have taken another step towards realizing our vision of becoming the leading energy infrastructure company in North America. Looking forward, we are positioned to complete another $12 billion of new projects that are expected to come into service by 2014."
The five-phase Cartier Wind Energy Project, with a total capacity of 590 MW is being constructed in various communities in the region of Gaspesie, Iles-de-la-Madeleine and the Regional County Municipality of Matane. All of the power produced by the project is sold to Hydro-Quebec under a 20-year power purchase agreement. The Cartier Wind Energy Project is owned by TransCanada Corporation (62 per cent) and Innergex Renewable Energy Inc. (38 per cent).
The completion of these two phases brings TransCanada's wind energy generation capacity to a combined total of 429 MW. The completion of phase two of the Gros-Morne-Sainte-Madeleine wind farm, the final phase of the Cartier Wind Energy project, will provide an additional 111 MW by December 2012.
The Cartier project is the largest wind farm in Canada. TransCanada has also built and is operating the largest wind farm in New England. Its hydro electric facilities span three states in New Hampshire, Massachusetts and Vermont and it is looking into solar power development. Over a third of the power TransCanada owns, or has interests in, come from alternative or renewable energy sources.
Since the spring of 2010, TransCanada has successfully brought $10 billion of growth projects into service including the first and second phases of the Keystone Pipeline System, the Bison and Guadalajara natural gas pipelines, extensions and expansions of the Alberta System, phase two of the Kibby Wind farm in Maine, the Halton Hills Generating Station in Ontario and the Coolidge Generating Station in Arizona.
With more than 60 years experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada's network of wholly owned natural gas pipelines extends more than 57,000 kilometres (35,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with approximately 380 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns, or has interests in, over 10,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest oil delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com
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Forward-Looking Information
This news release may contain certain information that is forward-looking and is subject to important risks and uncertainties. The words "anticipate", "expect", "believe", "may", "should", "estimate", "project", "outlook", "forecast" or other similar words are used to identify such forward-looking information. Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future financial and operational plans and outlook. Forward-looking statements in this document may include, among others, statements regarding the anticipated business prospects, projects and financial performance of TransCanada and its subsidiaries, expectations or projections about the future, strategies and goals for growth and expansion, expected and future cash flows, costs, schedules (including anticipated construction and completion dates), operating and financial results and expected impact of future commitments and contingent liabilities, including future abandonment costs.
All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among others, the ability of TransCanada to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of the Company's pipeline and energy assets, the availability and price of energy commodities, capacity payments, regulatory processes and decisions, outcomes of litigation and arbitration proceedings, changes in environmental and other laws and regulations, competitive factors in the pipeline and energy sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments and economic conditions in North America. By its nature, forward-looking information is subject to various risks and uncertainties, which could cause TransCanada's actual results and experience to differ materially from the anticipated results or expectations expressed. Additional information on these and other factors is available in the reports filed by TransCanada with Canadian securities regulators and with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise specified, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
