ATCO GROUP AND MICROSOFT ANNOUNCE LONG-TERM RENEWABLE ENERGY PURCHASE AGREEMENT

CALGARY, Alta., April 19, 2022 /CNW/ – ATCO Ltd. (TSX: ACO.X) (TSX: ACO.Y) / Canadian Utilities Limited (TSX: CU) (TSX: CU.X)

Artist’s impression of ATCO’s Deerfoot solar project, whose renewable energy will be purchased by Microsoft Corporation. (CNW Group/ATCO Ltd.)

The ATCO Group, through its investment in Canadian Utilities Limited, today announced that it has entered into a 15-year power purchase agreement with Microsoft Corporation. Under the terms of the agreement, Microsoft will purchase all of the renewable energy produced by ATCO’s Deerfoot solar facility in Calgary, AB. Once operational, the Deerfoot Solar Facility will be one of the largest solar facilities in a major urban center in Western Canadacontributing to ATCO’s goal of owning, developing or managing more than 1,000 megawatts (MW) of renewable energy by 2030.

“This agreement represents ATCO’s desire to be a leader in decarbonization and to enable the energy transition for our customers,” said Bob Myles, Executive Vice President, Corporate Development, ATCO. “We are very pleased to work with Microsoft to achieve our shared renewable energy goals. Our goal, in an energy world in transition, is to provide energy in a safe, affordable and reliable way.”

“Renewable energy supply contracts like this agreement with ATCO are essential to achieving our goal of contracting 100% of our energy consumption with renewable sources by 2025.” mentioned Kevin Peesker, President, Microsoft Canada. “This agreement with ATCO is an important step in helping Microsoft meet its renewable energy commitments by Canada.

Located within the City of Calgary, the 37 MW Deerfoot solar project is adjacent to ATCO’s 27 MW Barlow project. Construction on both projects is expected to begin later this spring, with power on in the fourth quarter of 2022. Together, the facilities will generate enough renewable electricity to offset 68,000 tonnes of carbon annually.

ATCO’s Commitment to Sustainability

For ATCO, sustainability is more than an aspiration; it is intimately linked to our strategy, our daily activities, the products and services we provide and the structure of our staff. It manifests itself in our family of companies in countless ways, both in the way we conduct our daily business and in the contributions we make to society through our operations and the community spirit of our employees. Our sustainable and holistic commitment is clearly reflected in our efforts to cost-effectively and reliably accelerate the energy transition; improve our environmental performance and reduce our greenhouse gas emissions; champion the safety, inclusiveness and fairness of our employees, communities and customers; fostering Aboriginal and community partnerships based on trust, fairness and mutual respect; and ensure uninterrupted, resilient and reliable access to essential products and services anytime, anywhere.

Building on its long history of sustainability leadership, ATCO has a comprehensive set of environmental, social and governance (ESG) goals for 2030 and is committed to achieving net zero gas emissions. (GHG) emissions by 2050. ATCO’s ESG goals for 2030 include reducing our and customer emissions, increasing our renewable energy footprint, increasing economic benefits for Indigenous partners, continuing focusing on safety and further promoting diversity, equity and inclusion in the workplace.

With approximately 6,400 employees and assets of $23 billion, ATCO is a diversified global company that invests in essential services of Structures & Logistics (labor and residential housing, innovative modular facilities, construction, on-site support services, workforce accommodation services implementation, operation and maintenance of facilities, defense operations services and disaster and emergency management services); Utilities (transmission and distribution of electricity and natural gas, and international electricity operations); Energy infrastructure (power generation, energy storage and industrial water solutions); Retail Energy (retail sale of electricity and natural gas); Transport (ports and transport logistics); and commercial real estate. More information can be found at www.ATCO.com.

Investor and analyst enquiries:

colin jackson
Senior Vice President, Finance, Treasury, Risk and Sustainability
[email protected]
(403) 808 2636

Media inquiries:

Kurt Kadatz
Director, Corporate Communications
[email protected]
(587) 228 4571

Forward-Looking Information Notice

Certain statements contained in this press release constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “plan”, “expect”, “will”, “intend”, “goals”, “targets”, “strategy”, “goals”, “aspirations”, “commitments” and similar expressions. In particular, forward-looking information contained in this press release includes, but is not limited to, references to: the renewable energy that will be generated and purchased through the Deerfoot Solar Project; the GHG emissions to be offset by this project; the electricity that will be generated by the Barlow project; the commitment to achieve net zero GHG emissions by 2050; and the ESG 2030 goals that are described here.

Although we believe that the expectations reflected in the forward-looking information are reasonable based on the information available at the date hereof and the processes used to prepare such information, such statements are not guarantees of future performance and no assurance can be given. given that these expectations will prove to be accurate. Undue reliance should not be placed on forward-looking information. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties, and other factors, which may cause actual results, levels of activity and achievements to differ materially. from those anticipated in such forward-looking information. Forward-looking information reflects our beliefs and assumptions regarding, among other things, the ability to successfully achieve our goal of net zero GHG emissions by 2050; the development and performance of technology and technological innovations; the ability to access and implement the technology necessary to achieve GHG and other ESG objectives; continued collaboration with certain government agencies, regulators and environmental groups; performance of assets and equipment; future energy demand and use; future production rates; future revenues and profits; the ability to meet current project schedules; and other assumptions inherent in our expectations of the forward-looking information identified herein.

Actual results could differ materially from those anticipated in this forward-looking information due to, among other things, risks inherent in the performance of the assets; capital efficiency and cost savings; applicable laws and government policies; regulatory decisions; competitive factors in the industries in which we operate; prevailing economic conditions; credit risk; interest rate fluctuations; the availability and cost of labor, materials, services and infrastructure; project development and execution; electricity, natural gas, natural gas liquids and renewable energy prices; the development and performance of energy efficient technologies and new products, services and programs, including but not limited to the use of zero-emission and renewable fuels, carbon capture and storage, electrification of equipment powered by zero-emission energy sources and their use and the availability of carbon offsets; the occurrence of unforeseen events such as fires, extreme weather conditions, explosions, explosions, equipment failures, transportation incidents and other accidents or similar events; and other risk factors, many of which are beyond our control. Due to the interdependencies and interrelationship of these factors, the impact of any material risk or assumption on any forward-looking statement cannot be determined with certainty. Readers are cautioned that the above lists are not exhaustive. For more information on the main risks facing the Company, see ‘Business Risks and Risk Management’ in ATCO Ltd’s Management’s Discussion and Analysis. for the year ended December 31, 2021, available at www.sedar.com and ATCO.com. Any forward-looking information contained in this press release represents our expectations as of the date hereof and is subject to change after such date. We disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities regulations.

ATCO GROUP AND MICROSOFT ANNOUNCE LONG-TERM RENEWABLE ENERGY PURCHASE AGREEMENT (CNW Group/ATCO Ltd.)

ATCO GROUP AND MICROSOFT ANNOUNCE LONG-TERM RENEWABLE ENERGY PURCHASE AGREEMENT (CNW Group/ATCO Ltd.)

SOURCE ATCO Ltd.

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