Potentia and Greengate Announce Power Purchase Agreement with Microsoft for Paintearth Wind
TORONTO and CALGARY, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Potentia Renewables Inc. (Potentia) and Greengate Power Corporation (Greengate) are pleased to announce that their Paintearth Wind Project LP, has entered into a 15-year power-purchase agreement with Microsoft. Located in Alberta’s Paintearth County, the Paintearth Wind project is owned 75 percent by Potentia and 25 percent by Greengate. When it enters commercial operation in 2023, Microsoft will purchase approximately 543 GWh of renewable energy from Paintearth Wind every year throughout the term of the agreement. Paintearth Wind started construction in September 2022.
“Potentia is honoured to work with Microsoft and appreciates the work that both companies put into this agreement,” said Ben Greenhouse, Potentia's Senior Vice President of Growth. “We look forward to growing our relationship with Microsoft and the community around the Paintearth Wind as we continue to grow employment and investment in Alberta's renewable energy sector.”
“Greengate is thrilled to be working with Potentia and Microsoft on this important project,” said Dan Balaban, CEO of Greengate. “Paintearth Wind will create jobs and contribute meaningfully towards the goal of a net-zero electricity grid.”
“Renewable energy supply contracts like this agreement with Potentia and Greengate are key to meeting our goal of contracting 100 percent of our energy consumption with renewable sources by 2025,” said Chris Barry, President of Microsoft Canada. “This agreement with Paintearth Wind is an important step in helping Microsoft deliver on our renewable energy commitments in Canada.”
About Potentia Renewables
Potentia Renewables Inc., a wholly owned subsidiary of Power Sustainable, is a fully integrated developer, owner, and operator of renewable energy assets. Potentia currently owns or manages nearly 1,000 MW of wind and solar projects that are in operation, under construction or under contract. Potentia benefits from strong financial support from its shareholder for large project initiatives. With an investor committed to our long-term success, combined with the industry experience of our team, Potentia has become a leading renewable energy provider in Canada, and is ideally positioned for continued substantial growth. For more information, visit www.potentiarenewables.com.
About Greengate Power Corporation
Greengate is a privately held renewable energy company based in Calgary, Alberta, with a proven track record of developing precedent-setting projects in Canada. Since 2007, Greengate has successfully developed over 1 GW of operating or in-construction renewable energy projects, including the Canada’s largest wind and solar projects. These projects represent nearly $2 billion of investment and are expected to produce enough energy to power more than 400,000 homes. Greengate is focused on the development of renewables and next-generation net-zero projects in Alberta and beyond, as it aims to be a leading enabler of the global energy transition to net zero. For more information, please visit: www.greengatepower.com.
About Power Sustainable
Power Sustainable is a sustainable investment manager with offices in Canada, China, and the United States. Power Sustainable invests in companies and projects with the potential to deliver returns while contributing to decarbonization, social progress and quality growth. With approximately CAD $4.2B of assets under management, Power Sustainable deploys patient and purposeful capital in infrastructure, private equity, and public equities. For more information, visit www.powersustainable.com.
For media inquiries please contact:
Potentia Renewables Inc.
MediaRelations@potentiarenewables.com
Greengate
Lisa Libin
Brookline Public Relations
403.815.5626
llibin@brooklinepr.com
FORWARD LOOKING STATEMENTS:
This news release contains forward-looking statements and forward-looking information (collectively "forward looking information") within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "believe," "project," "estimate," "expect," “intend”, "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking information include, among others, statements and timelines with respect to construction and commencement of operations, statements regarding environmental and economic benefits, job creation and other statements regarding Paintearth Wind, Potentia, Greengate, and Microsoft. The forward-looking information constitutes neither historical facts nor assurances of future performance and is based on certain key beliefs, expectations and assumptions made by Potentia, Greengate, and Microsoft, including expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions, including the development of its renewable energy projects; the state of the economy and the renewable energy business; business prospects and opportunities; the current regulatory and political environment; and existing financial commitments. Because forward-looking information relates to the future, such information is subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Potentia’s, Greengate’s, and Microsoft’s control. Actual results and financial condition may differ materially from those indicated in the forward-looking information, and as such no reliance should be made on any forward-looking information, which reflect Potentia’s, Greengate’s, and Microsoft’s expectations only as of the date of this media release. Except as required by applicable securities laws, Potentia, Greengate, and Microsoft undertake no obligation to update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.