Canadian Hydro Developers, Inc.

Canadian Hydro Developers, Inc.

May 06, 2009 09:00 ET

Canadian Hydro Powers Up Second Largest Wind Facility in Canada

CALGARY, ALBERTA--(Marketwire - May 6, 2009) - Canada's largest renewable energy company, Canadian Hydro Developers, Inc., (TSX:KHD) announced today that the Wolfe Island Wind Project began commissioning the first of its 86 wind turbines. The $475 million facility, which will be the second largest wind facility in Canada by megawatts will double Canadian Hydro's operations. The project is on target to begin commercial operations by the end of June, and some of the wind turbines have started turning and generating electricity.

"Our staff and contractors did an incredible job getting all the wind turbines erected by mid-April," said Geoff Carnegie, Development Manager of Canadian Hydro's Wind Division. "All the required infrastructure and testing have been approved by the Independent Electricity System Operator, Electrical Safety Authority, and Hydro One Networks Inc. to make the energization of the Wolfe Island Transformer Station possible last week."

Carnegie explained the first three electrical circuits, representing 43 of the 86 wind turbines, are ready for integration into the provincial electrical system and are expected to be fully commissioned, generating electricity to the grid in May, with the remaining three circuits to follow throughout May and June. Once completed, the 197.8 MW facility is expected to generate approximately 594,000 MWh of clean, renewable electricity annually.

"We're excited to bring the Wolfe Island Wind Project online and continue our contribution towards maintaining Wolfe Island as a vibrant, active community," said Canadian Hydro CEO, John Keating. "We're committed to being a responsible developer, a good neighbour, and environmental steward."

Once the facility becomes operational, it will generate reliable landowner and community income through royalties, taxes, and the Township Amenities Agreement. The Amenities Agreement formally establishes a good, long term working relationship between Canadian Hydro and the Township of Frontenac Islands. The Amenities Agreement will provide approximately $645,000 per year in additional revenue that will allow the Township to add services and enhance community infrastructure for the benefit of all ratepayers.

"This revenue is in addition to property taxes paid to municipal and provincial governments and royalties paid to participating landowners," said Carnegie. "All in, the estimated economic benefit, including royalties, taxes, amenities agreement, and operating and maintenance expenses, equates to over $3 million annually for decades to come."

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 totalling 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 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. - Media Relations
    Lindsey Moen
    Communications Coordinator
    (403) 802-2099 or Cell: (403) 510-4631
    Canadian Hydro Developers, Inc. - Investor Relations
    Kathy Boutin
    Vice President of Finance
    (403) 298-0256