Canadian Hydro: Contribution Agreement with the Government

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Canadian Hydro Developers, Inc., through its wholly-owned subsidiary, Canadian Renewable Energy Corporation, confirmed that the Federal Environmental Assessment has been completed and that the Company has subsequently signed a Contribution Agreement with the Government of Canada for funding under the ecoENERGY for Renewable Power program for the Wolfe Island Wind Project.

The Wolfe Island Wind Project, located on Wolfe Island near Kingston, Ontario, is 100 per cent owned and will be operated by Canadian Hydro. It is expected to generate approximately 594 GWh of renewable power, which is enough to supply about 75,000 average households.

With an estimated capital cost of $450 million, this 197.8 MW project is well under construction. The target commercial operation date is March 31, 2009. Under the ecoENERGY for Renewable Power program, the Wolfe Island Wind Project will receive a $10 per MWh incentive over the next ten years, in accordance with the terms of the agreement.

"Our Government is committed to increasing Canada's supply of clean, renewable energy," said the Honourable Lisa Raitt, Minister of Natural Resources. "This investment will help us achieve our goal, while ensuring that the clean energy produced is delivered to Canadians at affordable prices."

"The ecoENERGY for Renewable Power program demonstrates the Government of Canada's support of renewable energy," said John Keating, CEO of Canadian Hydro. "This program puts Canada on a competitive playing field with other renewable energy incentives worldwide. We encourage the Government of Canada to extend the program beyond its current capacity to support continued future growth of our industry and the development of green jobs for Canadians."

Canadian Hydro Developers, Inc. is committed to Building a Sustainable Future®. The Company is the largest and most diversified developer, owner and operator of 20 renewable power generation facilities in Canada totaling net 496 MW of capacity in operation, 385 MW in and nearing construction and 1,632 MW in development. The renewable generation portfolio is diversified across three technologies (water, wind and biomass) in the provinces of British Columbia, Alberta, Ontario, and Quebec. This portfolio is unique in Canada as all facilities are certified, or slated for certification, under Environment Canada's EcoLogo(M) Program.

Businesses, municipalities, institutions and organizations are eligible to apply for funding under the ecoENERGY for Renewable Power program. The initiative provides $1.48 billion to increase Canada's supply of clean electricity from renewable sources such as wind, biomass, low-impact hydro, geothermal, solar photovoltaic and ocean energy. It will encourage the production of up to 4,000 megawatts of new electricity from renewable energy sources - enough electricity to power about one million homes.

Common shares outstanding: 143,661,223

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Advisory Respecting Forward-Looking Statements:

This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following : (i) the expected annual generation and useful life of the Wolfe Island Project; and (ii) other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.

The forward-looking information and statements contained in this news release reflect several material factors, expectations and assumptions including without limitation: (i) commodity prices, foreign currency exchange rates and interest rates; (ii) supply and demand for electricity; (iii) schedules and timing of certain projects and the Company's strategy for growth; (iv) the Company's future operating and financial results; (v) treatments under governmental regulatory regimes and tax, environmental and other laws; and (vi) the timing of the delivery of power generation assets under construction contracts.

The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements. The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the Company assumes no obligation to publicly update or revised them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.

John Keating
Canadian Hydro Developers, Inc.
(403) 269-9379

Source: Canadian Hydro Developers, Inc.
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