Trans-Elect Consortium To Aquire Electrical Transmission Assets In Canada

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FOR IMMEDIATE RELEASE

Trans-Elect Consortium To Aquire Electrical Transmission Assets In Canada

DISTRICT OF COLUMBIA, WASHINGTON, Jul. 5 -/E-Wire/-- WASHINGTON, D.C. â Trans-Elect, a North American independent transmission company headquartered in Washington, D.C., today announced its participation in a consortium that has signed a milestone agreement to take ownership of Canadian utility TransAlta's electrical transmission business in Alberta, Canada.

Trans-Elect joins SNC-Lavalin, of Montreal, Canada, the Ontario Teachers' Pension Plan Board and Toronto-based Macquarie North America Ltd., a subsidiary of Macquarie Bank of Sydney, Australia in forming AltaLink. AltaLink will own and operate TransAlta's transmission assets, which comprise over half of the transmission lines in Alberta and most of the province's higher voltage, higher capacity lines.

"This is our first acquisition, and puts Trans-Elect in the forefront as an independent transmission owner," said Frederick W. Buckman, Chairman and CEO of Trans-Elect. "In any acquisition, it is the people who make the difference. The professionalism, capabilities and dedication of TransAlta's transmission personnel are outstanding and the transmission system itself is top-notch. We are excited about joining this transmission team to become a part of the economy and community in Alberta."

"The leadership of TransAlta is taking a dynamic step to position themselves as a 21st century energy company focusing on high-growth generation and the wholesale energy market," Buckman added. "We are very pleased to be a part of this historic event."

No investor-owned utility has ever sold its transmission capabilities, making this transfer a first-of-a-kind milestone agreement aimed at increasing benefits for consumers and the utilities that use the transmission lines through lower costs. The consortium will pay approximately US$560 million for TransAlta's transmission assets.

The TransAlta system includes more than 7,000 miles of transmission lines and 260 substations with ratings from 69,000 to 500,000 volts of electricity.

Following today's announcement, the consortium will file for approval of the agreement by the Alberta Energy Utility Board. Closing is expected by the end of the year, subject to regulatory approval and satisfactory due diligence.

Trans-Elect, an independent, non-utility-affiliated transmission company, is working to create a North American network of independently owned and operated electric transmission systems. Canadian-based SNC-Lavalin Group, a leading engineering and construction firm, is a key player in the ownership and management of infrastructure.

http://www.trans-elect.com

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