* Says to focus on renewable energy
* Says identified 10 FIT-eligible projects
* Shares up 12 pct (Adds details)
Feb 18 (Reuters) - Fortress Energy Inc said it plans to convert itself from an oil and gas producer, to an independent producer of clean power, sending its shares up 12 percent.
Fortress, which has been reviewing strategic alternatives since last year, plans to focus on renewable energy and low emissions gas-fired facilities in regions with growing demand for power where government-backed power purchase agreements are available.
In September, the company closed the sale of most of its oil and gas assets to Terra Energy Corp , including the Square Creek assets in Western Canada, for about C$34.6 million ($35.1 million) in a cash-and-stock deal.
Fortress hopes to benefit from the Ontario government’s 20-year energy plan which it unveiled in 2007, promoting the use of natural gas and renewable powers and replacing the use of coal fired generation by 2014.
The Ontario Power Authority introduced the feed-in-tariff (FIT) program in 2009 to encourage power developers to invest in clean energy facilities.
Fortress has identified 10 such projects with power capacity of about 500 megawatts, which it is reviewing for acquisition, it said in a statement.
Shares of the Calgary, Alberta-based company were up 12 percent at 14.5 Canadian cents Friday late afternoon on the Toronto Stock Exchange. ($1 = 0.985 Canadian Dollars) (Reporting by Gowri Jayakumar)