Canadian Hydro Developers, Inc.

Canadian Hydro Developers, Inc.

May 26, 2009 11:56 ET

Canadian Hydro Acquires Windrise Prospect From EarthFirst Canada Inc.

CALGARY, ALBERTA--(Marketwire - May 26, 2009) - Canada's largest and most diversified renewable energy company, Canadian Hydro Developers, Inc. (TSX:KHD), confirmed today the purchase of the Windrise Prospect (Windrise) from EarthFirst Canada Inc. for $250,000.

"The acquisition of Windrise is a strategic addition to our diverse portfolio of wind, run-of-river hydro and biomass development," says Kent Brown, Executive Vice President & Chief Financial Officer. "It complements our vision to be the premier independent builder, owner and operator of renewable energy projects."

The site is located amongst a cluster of existing Canadian Hydro operations in southern Alberta, directly adjacent to the Company's Soderglen EcoPower® Centre near Fort Macleod, Alberta, where the Company has been working on the development of the 50 MW (25 MW net to Canadian Hydro's interest) Soderglen Expansion Wind Prospect. If built, Windrise represents a minimum capacity generation of 99 MW, enough to power nearly 100,000 homes.

"The geographic area is a consistently proven and excellent wind resource, so we fully intend to pursue developing this site," says Brown. "We have option agreements with the landowners in place."

Development of the site is dependent on a proposed 240 kV interconnection to the Alberta grid, which is expected to be in place in 2010. Canadian Hydro is continuing to gather data and work through the permitting process to prepare its application for provincial regulators.

About Canadian Hydro

Canadian Hydro Developers, Inc. is committed to Building a Sustainable Future®. The Company is the largest and most diversified developer, owner, and operator of 20 renewable energy generation facilities in Canada totaling net 496 MW of capacity in operation, 383 MW in and nearing construction, and 1,525 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 media advisory 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 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. - Media Relations
    Lindsey Moen
    Communications Coordinator
    (403) 802-2099 or Cell: (403) 510-4631
    Canadian Hydro Developers, Inc. - Investor Relations
    Kathy Boutin
    Vice President, Finance
    (403) 298-0256