Canada - SUEZ Energy North America affiliate to acquire

A SUEZ Energy North America affiliate has signed an agreement to acquire the Canadian wind power development company Ventus Energy Inc. The transaction will involve the purchase of 100 percent of the shares of Ventus for CDN$124 million in cash. This marks the first entry of SUEZ into the North American wind energy market. Incorporated in 2003, Ventus’ portfolio includes 25 wind energy development projects in six provinces in eastern Canada, including Ontario, Quebec, Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador. The portfolio is believed to be one of the largest portfolios of potential wind energy projects in Canada.

The Ventus portfolio includes close to 2,000 MW of electricity generation in various stages of development. The company has secured land rights to more than 17 million acres of land for construction of its projects. Ventus has 29 MW commissioned and operating at its Norway Wind Park and West Cape Wind Energy Inc. facilities in Prince Edward Island. The wind developer also has another 80 MW under construction and has received a further 99 MW of Power Purchase Agreements under the Ontario Standard Offer Contract program with the Ontario Power Authority, which will commence construction soon. Although the investment in Ventus is the company’s first North American wind venture, SUEZ is a longtime global leader in utilizing renewable energy sources, including hydro power, biomass, and wind power.

“With Ventus SUEZ is investing in an experienced, accomplished development team, with whom we look forward to working to expand the company’s renewables presence within North America,” said Zin Smati, president and chief executive officer of SUEZ Energy North America. “The acquisition will also diversify SUEZ’s North American portfolio from a fuel and technology standpoint as well as strengthen our retail energy services offerings in the sale of renewable energy credits into the New England power market.”

With more than 1,500 MW of installed wind capacity in June 2007, according to the Canadian Wind Energy Association, Canada is one of the world’s leading installers of wind generation. “We are extremely pleased to be aligned with a global energy leader like SUEZ,” said John Douglas, chief executive officer of Ventus. “Their global resources and construction expertise will significantly improve our ability to compete, procure wind turbines and execute our business plan in Canada. This is a watershed moment for our employees and development partners.”

Entry into the wind power sector in North America will provide opportunities both in new and existing markets for the company. The location of these assets will allow SUEZ to serve new customers in Canada’s eastern provinces and to expand its supply of much-needed electricity to New England as well.