Schneider Power Inc.

Schneider Power Inc.

December 01, 2008 09:00 ET

WINSO and Schneider Power Launch Bahamas Renewable Energy Corporation

Bahamas Renewable Energy Corporation Ltd. ("BREC") poised to become leading authority on renewable energy development in the Bahamas.

TORONTO, ONTARIO--(Marketwire - Dec. 1, 2008) - Schneider Power Inc. (TSX VENTURE:SNE), Canada's leading renewable energy company and WINSO Company Ltd. of Nassau, today announced the joint-venture and launch of the Bahamas Renewable Energy Corporation Ltd. ("BREC").

BREC is the developer of three contemplated renewable power generation facilities totaling 24 MW, enough to power over 25,000 homes. The contemplated projects are diversified across two technologies (wind and solar) and three islands (New Providence, Abaco and Harbour Island). The Company has submitted its projects to the Bahamas Electricity Corporation's ("BEC") renewable request for proposal to work together in a public-private partnership with the Bahamian Government.

BREC is founded on the combination of excellence in Bahamian entrepreneurship, backed by knowledge and experience of the Schneider family's 115 year history in renewable energy. The partnership will combine cutting edge technology such as hurricane-proof wind and solar generation capabilities, an experienced development team and local business and financial leadership.

Commenting on today's launch, Vincent MacDonald, BREC's newly appointed Chief Executive Officer said: "BREC will help Bahamians achieve independence from foreign reliance on fossil fuels and assist our Government in securing energy security for the future at prices we can afford."

Thomas Schneider, Founder of Schneider Power and Chairman of BREC said: "Today's creation of the Bahamas Renewable Energy Corporation sees a milestone in the history of the renewable energy industry in the Bahamas. For the first time there is a single Company set to develop a more extensive range of renewable resources than previously contemplated by anyone in the Bahamas. Our development projects have been underway since May and will continue over the coming months, as we roll out an outstanding 21st century approach to our energy needs."

Schneider Power is listed on the TSX Venture Exchange under the symbol SNE.

Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Schneider Power to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information