Canadian Hydro Developers, Inc.

Canadian Hydro Developers, Inc.

June 29, 2009 06:00 ET

Canadian Hydro Developers, Inc.: Canada's Second Largest Wind Facility Achieves Commercial Operations

CALGARY, ALBERTA--(Marketwire - June 29, 2009) - Canadian Hydro Developers, Inc. (Canadian Hydro or the Company) (TSX:KHD) announced today that its 197.8 MW Wolfe Island EcoPower® Centre achieved commercial operations on June 26, 2009. The second largest wind facility of its kind in Canada, the Wolfe Island EcoPower® Centre (Wolfe Island) was completed on schedule, with a total anticipated capital cost of approximately $478 million.

"This is a proud moment for our company as Canada's largest and most diversified renewable energy company," said Kent Brown, Executive Vice-President & Chief Financial Officer. "With the Melancthon EcoPower® Centre and now Wolfe Island, we own and operate the two largest wind installations in the country."

The Wolfe Island EcoPower® Centre, located near Kingston, Ontario, is expected to generate approximately 594 GWh annually of renewable energy. Wolfe Island has a 20-year Renewable Energy Supply II Contract with the Ontario Power Authority for the purchase of electricity and Renewable Energy Certificates. In addition, the facility will also receive $10 per megawatt hour for 10 years under the Federal ecoENERGY for Renewable Power program. Wolfe Island's commercial operation officially pushes Ontario past the 1,000 MW installed threshold of new renewable energy brought on-line since October 2003. Approximately 40% of this generation is provided by Canadian Hydro.

"We're proud of our proven track record of identifying good renewable energy prospects, working with community stakeholders, and building sustainable operations that will serve Ontarians for generations," said Brown. "Together, the Wolfe Island and Melancthon EcoPower® Centres double the size of Canadian Hydro, a milestone we're exceptionally proud of."

About Canadian Hydro

"Recognized as one of Jantzi/Maclean's Top 50 Responsible Corporations in Canada"

Canadian Hydro Developers, Inc. 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 totalling net 694 MW of capacity in operation, 185 MW in and nearing construction, and 1,624 MW in development. 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.

Common shares outstanding: 143,661,223

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 EcoPower® Centre; 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.

The Toronto Stock Exchange has neither reviewed nor approved this news release.

Contact Information

  • Canadian Hydro Developers, Inc.
    Investor Relations
    Kathy Boutin, Vice President of Finance
    (403) 298-0256
    Canadian Hydro Developers, Inc.
    Media Relations
    Lindsey Moen, Communications Coordinator
    (403) 802-2099