Swift Power Corp.
TSX VENTURE : SPC

Swift Power Corp.

March 11, 2010 18:31 ET

Swift Power Is Awarded Energy Purchase Agreement From BC Hydro

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2010) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

Swift Power Corp. (TSX VENTURE:SPC) ("Swift Power" or the "Company") is pleased to announce that today it has been awarded a long term Electricity Purchase Agreement (EPA) with BC Hydro for the Dasque Cluster hydroelectric project. The 20 MW project is located 25 km southwest of Terrace, BC, and is planned to be in operation by late 2012, pending receipt of necessary regulatory approvals and financing.

Swift Power President and CEO Alexi Zawadzki said, "Swift Power is very excited about reaching this crucial milestone. BC Hydro has recognized that we have a highly competitive project backed by a talented team of professionals. We look forward to helping the province achieve its climate change goals and its mandate of energy self-sufficiency by generating reliable, clean energy from the Dasque Cluster Facility."

Following execution of the EPA, BC Hydro will submit it to the British Columbia Utilities Commission for its review. The Company will be posting the necessary performance securities for both the BC Hydro EPA and the BCTC Interconnection Agreement according to the required schedule. In the coming months, Swift Power will finalize the selection of an engineering consultancy to proceed with detailed engineering of the Dasque Cluster Project, and select a construction contractor. In the meantime, the Company is pursuing options for both debt and equity financing in light of this award.

About Swift Power

Swift Power is a Vancouver, BC-based development-stage, independent, run-of-river hydroelectric power company. Swift Power's business is to develop renewable power projects in BC and potentially in other provinces of Canada and internationally. Swift Power has rights to nine water licence applications filed with the British Columbia government regarding several sites on various creeks in BC. Additional information about Swift Power is on its website at www.swiftpower.ca.

Management of Swift Power Corp. prepared this news release and takes full responsibility for its contents.

Caution concerning forward-looking statements:

Certain statements contained in this document may constitute "forward-looking statements". When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "investigate", "looking at" as they relate to Swift Power or its management, are intended to identify forward-looking statements or information. Such forward-looking statements include, among others, the expectations or claims, as applicable, that: (i) Swift Power will successfully develop renewable power projects in BC or elsewhere; and (ii) Swift Power will complete the Dasque Cluster Project.

Such statements or information reflect Swift Power's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors could cause Swift Power's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or information, including among other things, those risk factors which are discussed elsewhere in documents that Swift Power files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Swift Power expressly disclaims any intention or obligation to update or revise any forward looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Swift Power Corp.
    Alexi Zawadzki
    President and CEO
    604-637-6393
    604-945-7558 (FAX)
    www.swiftpower.ca