Suncor Energy and EHN wind power project receives regulatory approval

Sept. 5 - Suncor Energy Products Inc., (a subsidiary of Suncor Energy Inc.) and EHN Wind Power Canada Inc. announced today they have received approval from the Alberta Energy and Utilities Board to construct a $48 million, 30-megawatt wind power project. The project, to be located about six kilometres west of Magrath in southern Alberta, is a joint venture between Suncor and EHN.

Construction is expected to begin work in mid-September, with the 20-turbine facility to be online by late 2004. Suncor and EHN plan to sell the power into the provincial electricity grid and the project is expected to generate enough energy to meet the equivalent demands of about 13,000 homes.

"The Magrath project is another major step in our commitment to build a renewable energy business," says Rick George, Suncor president and chief executive officer. "It supports the diversification of Canada's energy sources for the future and empowers consumers to choose renewable energy to meet part of their energy needs."

When completed, the Magrath Wind Power Project would be Suncor's second major investment in wind power. Suncor's other renewable energy initiative is SunBridge, an 11-megawatt wind power project in Saskatchewan that is a 50/50 partnership with Enbridge Inc. Together, the two projects are expected to provide about 115,000 tonnes of carbon dioxide emission reductions annually.

"We are very pleased with the materialization of the Magrath Project," said Alberto de Miguel, EHN's executive director of development. "This is our first experience in Canada and a significant step forward for our future expansion plans."

Suncor Energy Inc. is an integrated energy company headquartered in Calgary, Alberta. Suncor's oil sands business, located near Fort McMurray, Alberta, extracts and upgrades oil sands and markets refinery feedstock and diesel fuel while operations throughout western Canada produce natural gas. Suncor operates a refining and marketing business in Ontario with retail distribution under the Sunoco brand. The company's U.S.A. downstream assets include pipeline and refining operations in Colorado and Wyoming and retail sales in the Denver area under the Phillips 66 brand. As Suncor meets today's energy needs, the company invests in renewable energy for the future. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.

Sunoco in Canada is separate and unrelated to Sunoco in the United States, which is owned by Sunoco, Inc. of Philadelphia.

Corporacion Energia Hidroelectrica de Navarra, S.A. (EHN) of Spain is a group of companies dedicated to the development, construction, operation and ownership of renewable energy projects. EHN Wind Power Canada Inc. is a wholly owned subsidiary of Corporacion EHN S.A. Group EHN has installed over 1,500 MW of renewable energy projects, of these 723 MW are company-owned and 812 developed and constructed for third parties in Spain, France, and Germany, and holds an impressive project development pipeline for the near future.