First Nations become majority owners of
largest urban solar installation in Western Canada
CALGARY,
AB, Sept. 11, 2023 /CNW/ - Canadian
Utilities Limited (TSX: CU) (TSX: CU.X)
Chiniki and Goodstoney First Nations (the Nations) and ATCO Ltd.
(ATCO) today announced a partnership agreement for the Deerfoot and
Barlow Solar power projects, the
largest solar installation in an urban centre in Western Canada. Under the terms of the
agreement, the Chiniki and Goodstoney First Nations have become the
majority owners with a 51 per cent ownership stake in the
facilities and Canadian Utilities Limited, an ATCO company, will
maintain a 49 per cent stake.
The Chiniki and Goodstoney majority ownership of the projects is
expected to generate economic returns for the Indigenous
communities and contribute to the lasting prosperity of the Nations
for future generations.
"This is a significant day for First Nations involvement in the
rapidly growing renewable energy sector," said Chief Aaron Young, Chiniki First Nation. "By
partnering with an industry leader such as ATCO, we can not only
support energy transition but generate economic growth for our
First Nations communities."
"This partnership with ATCO demonstrates a respectful and
collaborative approach to major infrastructure projects," said
Chief Clifford Poucette, Goodstoney
First Nation. "This precedent-setting renewable energy project will
generate significant economic and social benefits for our people
and will allow us a real voice on governance and environmental
stewardship on our traditional territory."
One of ATCO's fundamental tenets is to build, strong, mutually
prosperous Indigenous partnerships. ATCO currently has more than 50
partnerships, joint ventures and relationship agreements with
Indigenous communities.
"For decades ATCO has partnered with Indigenous communities to
create truly equitable partnerships and today we are thrilled to
officially welcome Chiniki and Goodstoney First Nations as majority
partners in this important clean energy infrastructure," said
Nancy Southern, Chair & CEO,
ATCO. "This is another example of how we're enabling prosperity and
a brighter future in the communities we serve."
As a leader in the energy transition, ATCO is growing its
renewable energy portfolio in Canada and around the world. The 27-megawatt
Barlow project reached commercial operations in Q1 2023.
Construction of the 37-megawatt Deerfoot project is planned to be
complete soon, with commercial operations targeted for Q3 2023.
Axxcelus Capital Advisory, a firm dedicated to facilitating
Indigenous ownership of major assets and capital projects, acted as
exclusive advisor to the Nations.
"We appreciate the trust the Nations put in Axxcelus to act as
the exclusive advisor on this important opportunity," said
Paul Poscente, CEO, Axxcelus Capital
Advisory. "This complex transaction represents the best
possible example of collaboration between industry and the Nations
to produce vital progress toward economic self-determination for
these Communities."
Located in southeast Calgary,
the Deerfoot and Barlow facilities will have combined 175,000
bifacial solar panels covering the equivalent of roughly 170
Canadian football fields. Once fully operational, the facilities
will generate enough renewable electricity to power approximately
16,500 homes. The solar projects are expected to reduce greenhouse
gas emissions by approximately 50,000 tonnes annually – a
significant contribution towards the province's energy
transition.
About Chiniki First Nation and
Goodstoney First Nation
Chiniki First Nation and Goodstoney First Nation
are part of the Stoney Nakoda Nations. The Stoney Nakoda are
the original "peoples of the mountains" known in Nakoda language as
the Iyarhe Nakoda and previously as
the Iyethkabi. Since Treaty in 1877 to the present day,
each of the Nations have maintained separate memberships and have
elected their separate respective Chief and four Councillors.
About Canadian
Utilities:
Canadian Utilities Limited and its subsidiary and affiliate
companies have approximately 8,000 employees and assets of $23
billion. Canadian Utilities, an ATCO company, is a diversified
global energy infrastructure corporation delivering essential
services and innovative business solutions in Utilities
(electricity and natural gas transmission and distribution, and
international operations); Energy Infrastructure (energy storage,
energy generation, industrial water solutions, and clean fuels);
and Retail Energy (electricity and natural gas retail sales, and
whole-home solutions). More information can be found
at www.canadianutilities.com.
About Axxcelus Capital
Advisory:
Working with both Indigenous communities and Industry Axxcelus
Capital Advisory is a financial services firm dedicated to
empowering Indigenous communities by facilitating their ownership
of major assets. The firm currently represents clients in the
following sectors: Renewable and Non-Renewable Power Generation,
Energy Storage, Energy Infrastructure, and Carbon Capture
Utilization and Storage. For more information about Axxcelus,
please visit www.axxcelus.ca.
Chiniki and Goodstoney Media Inquiries:
Shauna MacDonald
Brookline Public Relations, Inc.
smacdonald@brooklinepr.com
403-585-4570
ATCO Investor & Analyst Inquiries:
Colin Jackson
Senior Vice President
Finance, Treasury & Sustainability
Colin.Jackson@atco.com
403 808 2636
ATCO Media Inquiries:
Kurt
Kadatz
Director, Corporate Communications
Kurt.Kadatz@atco.com
587 228 4571
Forward-Looking Information Advisory
Certain statements contained in this news release constitute
forward-looking information. In particular, forward-looking
information in this news release includes references to: economic
returns and benefits to be generated by the Deerfoot and Barlow
solar projects; the timing of commercial operation of the Deerfoot
solar project; the electricity generation output expected from the
projects and greenhouse gas emission reductions expected in
relation to the projects.
While it is believed that the expectations reflected in the
forward-looking information are reasonable based on the information
available on the date such statements are being made and processes
used to prepare the information, such statements are not guarantees
of future performance and no assurance can be given that these
expectations will prove to be correct. Forward looking information
should not be unduly relied upon. By their nature these statements
involve a variety of assumptions, known and unknown risks and
uncertainties, and other factors, which may cause actual results,
levels of activity, and achievements to differ materially from
those anticipated in such forward-looking information. The
forward-looking information reflects beliefs and assumptions with
respect to, among other things: the development and performance of
technology and technological innovations; collaboration with
business partners, regulatory and environmental groups; the
performance of assets and equipment; the ability to meet current
project schedules.
Actual results could differ materially from those anticipated
in the forward-looking information as a result of, among other
things: risks inherent in the performance of assets; applicable
laws, regulations and government policies; regulatory decisions;
prevailing market and economic conditions; credit risk; the
availability and cost of labour, materials, services, and
infrastructure; the development and execution of projects; prices
of electricity, natural gas, natural gas liquids, and renewable
energy; the development and performance of technology and new
energy efficient products, services, and programs including but not
limited to the use of zero-emission and renewable fuels, carbon
capture, and storage, electrification of equipment powered by
zero-emission energy sources and utilization and availability of
carbon offsets; the termination or breach of contracts by contract
counterparties; the occurrence of unexpected events such as fires,
severe weather conditions, explosions, blowouts, equipment
failures, transportation incidents, and other accidents or similar
events; and other risk factors, many of which are beyond control.
Due to the interdependencies and correlation of these factors, the
impact of any one material assumption or risk on a forward-looking
statement cannot be determined with certainty.
Readers are cautioned that the foregoing lists are not
exhaustive. For additional information about the principal risks
that ATCO faces, see "Business Risks and Risk Management" in ATCO's
Management's Discussion and Analysis for the year ended
December 31, 2022.
Forward-looking information contained in this news release
represents expectations as of the date hereof, which may change
after such date. There is no intention or obligation to update or
revise any forward-looking information whether as a result of new
information, future events or otherwise, except as required by
applicable securities legislation.
SOURCE ATCO Ltd.