ENMAX Corporation (“ENMAX”) is pleased to confirm the information contained in today’s announcement by Cordero Energy Inc (TSX: COR) (“Cordero”) regarding ENMAX’s proposed acquisition of Cordero for approximately $218 million, including the assumption of debt.
“This secures long-term natural gas supply for the Calgary Energy Centre, with which we entered into a 20-year tolling agreement, effective last year,” said Gary Holden, President and CEO of ENMAX. “This will help supply competitively priced natural gas and electricity to ENMAX Energy’s rapidly growing customer base and is consistent with our long-term vertical integration strategy.”
Peters & Co. Limited acted as financial advisor to ENMAX and Tristone Capital Inc. acted as financial advisor to Cordero on the transaction.
ENMAX Corporation and its predecessors have provided Albertans with safe, reliable electricity for more than 100 years. Through its subsidiaries, ENMAX provides electricity, natural gas, renewable energy and value-added services to more than 500,000 residential, commercial and institutional customers in Alberta. ENMAX Energy Corporation contracts low-cost reliable electricity from the Keephills and Battle River facilities and meets peak demand through a long term agreement for the Calgary Energy Centre. ENMAX, through a subsidiary, is one of Alberta's largest investors in renewal energy with 100 per cent ownership of the Taber Wind Farm and 50 per cent ownership of the McBride Lake Wind Farm. ENMAX Energy has the largest green power marketing program of its kind in Canada. For more information, visit our website at enmax.com.
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