| Type | Public (TSX: VSN) |
|---|---|
| Industry | Natural Gas/Pipelines |
| Headquarters | Calgary, Canada |
| Key people | Stephen H. White, CEO |
| Website | www.vereseninc.com |
Veresen Inc. (TSX: VSN) is a Calgary, Alberta-based energy infrastructure company with three main lines of business: Pipelines, Natural Gas and Power Generation.
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Beginning in the spring of 2010, Fort Chicago began aggressively moving into the renewable energy sector, with a particular focus on British Columbia.
In September 2010, Fort Chicago reached an agreement to purchase Pristine Power, which develops biomass and hydro power projects. Prior to this transaction, Fort Chicago had an 11.4% stake in Pristine.
In September 2009, Pristine Power increased its ownership position from 10% to 47% in the Klinaklini project proposed by Kleana Power. The deal was structured as a nominal down payment with future payments coming after various milestones, notably the signing of a PPA (however the project was unsuccessful in 2008 Call). With this deal, Pristine increased its ownership position in several other projects, including Machmell River, and expected that its generation portfolio would double to 282MW.
In September 2010, Fort Chicago reached an agreement to purchase the BC-based hydro assets of ENMAX, the City of Calgary’s municipally-owned electric utility.