Veresen Inc. was a Calgary, Alberta-based energy infrastructure company with three main lines of business: pipelines, natural gas and power generation. It was a publicly-traded company on the Toronto Stock Exchange, and was known as Fort Chicago Energy Partners L.P. In 2017, it was acquired by Pembina Pipeline for $9.7 billion.

Business segments

Pipelines

Natural gas

Power generation

Move into renewable energy

Beginning in the spring of 2010, Fort Chicago began aggressively moving into the renewable energy sector, with a particular focus on British Columbia.

Pristine Power

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 282 MW.

ENMAX Power Corporation

In September 2010, Fort Chicago reached an agreement to purchase three BC-based hydro assets of ENMAX, the City of Calgary's municipally-owned electric utility.

References and footnotes