Cory Cogeneration Owners Complete Project Financing

Monday May 7, 2001

Calgary, Alberta - ATCO Power Ltd. and SaskPower International Inc. announced today the completion of a $182 million bond financing for the Cory Cogeneration Project. The 228-megawatt (MW) project is under construction at the Potash Corporation of Saskatchewan’s (PCS) Cory Mine near Saskatoon. The $227 million project is being developed through a joint venture between ATCO Power and SaskPower International. Construction of the project began in March of this year and the facility is expected to be fully operational by November 2002.

RBC Dominion Securities and BMO Nesbitt Burns underwrote the bonds which have been rated A(low) by Dominion Bond Rating Service. Project bonds were placed with institutional investors in Canada and in the United States. The financing has a 24-year term.

SaskPower will purchase the electricity generated by the project to meet future energy needs, while the thermal energy will be sold to PCS-Cory for use in its processes at the site.

Tony Pullman, Vice President, Finance & Administration of ATCO Power said, "This financing demonstrates the growing appetite for and acceptance of Canadian project bonds in both Canada and the U.S."

ATCO Power is a world leader in the development of environmentally progressive electricity generation facilities. It has built, owns and operates power plants in Canada, the United Kingdom and Australia. It has built eight new natural gas fired projects worldwide since 1993, with a total capacity of 2,000 MW, and has four more projects under construction in Alberta. ATCO Power also operates three coal-fired generating stations in Alberta with a capacity of over 1,600 MW.

SaskPower International is a wholly owned subsidiary and the development arm of SaskPower. SaskPower has an installed capacity of 2,980 MW and maintains more than 150,000 kilometres of power lines. The corporation operates three coal-fired generating stations, seven hydro stations and four natural gas stations.

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