Industry Utilities Headquarters Calgary, Canada Type Privately held company | Website www.greengatepower.com Founded 2007 | |
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Key people Dan Balaban (President & CEO) | ||
Greengate Power Corporation (Greengate) has nine wind projects under development in Alberta, Canada totaling 1,550 Megawatts (MW) across 200,000 acres of private land. This represents a potential investment of $4 billion upon full build-out of the projects. Greengate’s goal is to be Canada’s largest pure-play renewable energy producer. Greengate’s unique strategy has been to develop wind energy projects in close proximity to transmission lines with available capacity, with high quality wind resources and substantially contracted sources of revenue. This strategy has enabled Greengate to be a leader in the wind energy industry in Alberta.
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The 150 Megawatts (MW) Halkirk I Wind Project will be Greengate’s first operating project and will be the largest wind energy project in Alberta upon construction and operation.
Summary of Activity
Greengate’s first project, the 150 Megawatts (MW) Halkirk I Wind Project, which is scheduled to begin construction later in 2011 and be completed in Q2 2012, will be central Alberta’s first wind project and Alberta’s largest wind project. The Project is located in the County of Paintearth, 40 km east of the Town of Stettler. Once completed, this project will supply enough electricity to power approximately 50,000 homes. Unlike most other planned wind energy projects in Alberta, the project can be connected into Alberta’s existing transmission system without any system upgrades while other developers in Alberta await billions of dollars worth of transmission upgrades.
The Halkirk I Wind Project is in advanced stages of development and is shovel ready. Over the past three years of development, Greengate has acquired all of the land needed to build this project, and has received approval from the Alberta Electric System Operator (AESO) to connect the project into the transmission grid, utilizing the existing transmission system without the need of major transmission upgrades. The Halkirk I Wind Power Project is the first wind energy project approved by the Alberta Utilities Commission (“AUC”) since the electricity and utilities board reorganization. The permit required an extensive review by the AUC of the project’s participant involvement program, the environmental impact assessment, potential visual and noise impacts, proposed gathering system routing, potential impacts on pipelines, and other pre‐requisite project approvals.
Greengate has recently closed a $10.8 million private placement financing to be funded in two tranches, with the first tranche raising gross proceeds of $5.8 million in September 2010. The balance of the proceeds will be advanced upon future milestones which are likely to be achieved in March 2011.
Greengate’s most recent announcement is that the California Public Utilities Commission has approved three 20-year power purchase agreements (“PPAs”) for a total of 450 Megawatts (MW) in new wind energy generation between Pacific Gas and Electric Company (“PG&E”) and Greengate’s Halkirk I Wind Project LP, Blackspring Ridge IA Wind Project LP and Blackspring Ridge IB Wind Project LP. The PPAs relate to the purchase and sale of renewable energy credits (“RECs”) generated by Greengate’s 150 Megawatts (MW) Halkirk I Wind Project and 300 MW Blackspring Ridge I Wind Project, both located in Alberta, Canada. This is the third largest wind energy transaction ever executed by a California utility and shows the innovation behind Greengate’s development.
The Halkirk I Wind Project will also have a significant impact on Alberta's GHG emission over the life of the project. Over a 20-year period, the Halkirk I Wind Project will result in greenhouse gas emissions reductions of 5.4 million tonnes CO2e.
Greengate’s next project is the Blackspring Ridge I Wind Project, with a total generating capacity of 300 MW. The project is expected to be Canada’s largest operating wind energy project upon completion in 2013. Combined, these two projects totaling 450 MW will increase Alberta’s installed capacity of wind energy generation by more than 50% compared to the province’s current 806 MW of installed capacity.
Greengate In The News
Lethbridge Herald (March 11, 2011) - "Canada’s biggest wind farm "
Calgary Herald (March 10, 2011) - "Greengate gets nod to build Canada's largest wind farm"
Meaningful Work Project (February 13, 2011) - "Dan Balaban: Seeding the winds of change"
Edmonton Herald (February 2, 2011) - "California backstops two Alberta wind projects Pacific Gas & Electric to buy all power they generate for 20yrs under state rules.."
North American Windpower (February 2, 2011) - "CPUC Approves PPAs For Three Greengate Wind Projects"
Reuters (February 2, 2011) - "Greengate Power Corp said on Wednesday the California Public Utilities Commission has approved its sale of renewable energy credits from its.."
Bloomberg (January 28, 2011) - "Sale of Energy Credits in California Supports Wind Projects in Canada"
Calgary Herald (December 17, 2010) - "Greengate, Capital Power plan Alberta's biggest wind farm"
Business in Calgary (October 1, 2010) –"Dan Balaban selected as finalist for Ernst & Young Entrepreneur of the Year 2010"
Alberta Venture (July 1, 2010) – "Dan Balaban selected as one of Alberta’s 50 Most Influential People 2010"
Business in Calgary (July 1, 2010) – Dan Balaban selected as one of the Leaders of Tomorrow
North American Wind Power Magazine(March 1, 2009) - "Once The Wind Leader, Alberta Begins Anew" - With 525 MW of operating wind farms, Alberta boasted the most wind power of any Canadian province in 2007. So what happened?
Avenue Magazine (October 30, 2009) - Dan Balaban selected as one of Avenue magazine’s Top 40 Under 40 for 2009
Business Edge (December 18, 2009) - "For Greengate Power’s CEO, the answer is blowing in the wind"
Calgary Herald (January 10, 2010) - "Biggest wind farm in Alberta in the works"