Canadian Hydro Developers: Termination of Offshore Wind Prospect Agreement
Canadian Hydro Developers, Inc. has terminated its previously-announced definitive agreement with Wasatch Wind, Inc. ("Wasatch") to acquire a subsidiary of Wasatch that is developing a 4,400 MW offshore wind prospect located in Lake Erie (the "Agreement"). Wasatch is a private U.S.-based renewable energy company. Terms of the Agreement remain confidential.
On October 23, 2009, TransAlta Corporation's acquired approximately 87 per cent of the outstanding common shares of Canadian Hydro. Canadian Hydro now believes that based on the growth opportunities available, off shore wind is not a priority at this time.
About Canadian Hydro
"Recognized as one of Jantzi/Maclean's Top 50 Responsible Corporations in Canada"
Canadian Hydro is committed to Building a Sustainable Future®. The Company is the largest and most diversified developer, owner, and operator of 21 renewable energy generation facilities in Canada totaling net 694 MW of capacity in operation and 18 MW under construction. The renewable generation portfolio is diversified across three technologies (water, wind,and biomass) in the provinces of Alberta, British Columbia, 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.
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. 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 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 risks, uncertainties and factors include, among others: the ability of Canadian Hydro to raise capital on acceptable terms and continue with its power generation projects; Canadian Hydro's ability to obtain qualified staff and equipment in a timely and cost-effective manner; increases and over-runs in cost of construction for Canadian Hydro's projects, maintaining the construction schedule and planned start-up dates; the need to obtain required approvals and permits from regulatory authorities; the liabilities and risks inherent in the power-generation industry; the volatility of power prices; the possibility of claims of aboriginal title or treaty rights; failure to obtain third-party consents or approvals when required; changes in government legislation and regulation; the uncertainties associated with the takeover by TransAlta Corporation; and general economic conditions.
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.
Canadian Hydro Developers, Inc.
Manager, Marketing & Communications