Maxim Power Corp.

Maxim Power Corp.

February 22, 2010 17:00 ET

Maxim Power Corp. Announces 74 MW Peaking Contract

CALGARY, ALBERTA--(Marketwire - Feb. 22, 2010) - Maxim Power Corp. ("MAXIM") (TSX:MXG) announced today that its wholly-owned subsidiary, Comax France S.A.S. ("Comax"), has entered into power purchase agreements ("PPA's") to provide 74 MW of electrical peaking services to Electricité de France ("EdF") for a term of eight years.

Comax will provide peaking service to EdF through ten distributed generation sites, five of which represent new sites acquired for this purpose and five of which are existing power plants being adapted for this purpose. The total investment is Cdn. $10 million, of which $9.8 million or 98% is being provided by a number of French banks, and the remaining $200 thousand or 2% is being provided by cash on hand. Work will be carried out through the spring of 2010 to reconfigure equipment at certain sites for commercial operations to commence on July 1, 2010.

The provision of peaking services represents an important diversification of services and entry into a new market for Comax. Historically, Comax has focused on cogeneration applications whereby electricity is sold to EdF and thermal energy is sold to local businesses such as greenhouses. The provision of peaking services will enable Comax to redeploy existing equipment on an economically attractive basis. Comax further anticipates developing and acquiring additional generating capacity to be contracted under this form of PPA. Comax has now total generation capacity of 184 MW of electricity and 81 MW of thermal energy.


Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power projects. MAXIM currently owns and operates 44 power plants in western Canada, United States and France, having 809 MW of electric and 117 MW of thermal net generating capacity. Approximately 80% of MAXIM's current portfolio is comprised of clean burning natural gas, high efficiency cogeneration, waste heat and landfill gas fuelled generation. MAXIM trades on the TSX under the symbol "MXG". For more information about MAXIM, visit our website at

Statements in this release which describe MAXIM's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward looking statements as required pursuant to applicable securities laws.

Contact Information

  • Maxim Power Corp.
    John R. Bobenic
    President and CEO
    (403) 263-3021
    Maxim Power Corp.
    Michael R. Mayder
    Vice President, Finance and CFO
    (403) 263-3021