Maxim Power Corp.

Maxim Power Corp.

September 17, 2007 11:07 ET

Maxim Power Corp. ("MAXIM") Announces Acquisition of Three Power Plants Totalling 96 MW

Acquisition of Forked River Power Station (86 MW)

CALGARY, ALBERTA--(Marketwire - Sept. 17, 2007) - MAXIM (TSX:MXG) is pleased to announce that it has entered into an agreement with Jersey Central Power and Light Company ("JCP&L") to acquire the 86 megawatt ("MW") Forked River Power Station, located in Ocean County, New Jersey, for US$20.0 million.

A significant condition precedent to closing was achieved today with receipt of a written order approving the sale by the New Jersey Board of Public Utilities. Section 203 approval by the Federal Energy Regulatory Commission for the sale has also been obtained. Other closing conditions remain to be satisfied and MAXIM anticipates financial closing will be achieved within the next 60 days.

In conjunction with this purchase, a ten year tolling agreement has been entered into with FirstEnergy Solutions, a subsidiary of FirstEnergy Corp. and an affiliate of JCP&L, for the entire capacity of the plant.

The Forked River acquisition is MAXIM's first in the PJM market which is the largest competitive wholesale electricity market and centrally dispatched grid in the world.

On closing, MAXIM's US Northeast generating portfolio will be comprised of 3 power plants which have identical gas turbine technologies and a total of 213 MW of electric generating capacity. MAXIM's total US generating portfolio will be comprised of 4 power plants having 266 MW of electric generating capacity.

Acquisition of 2 Cogeneration Plants in France (10 MW)

MAXIM is also pleased to announce that Comax France S.A.S. ("COMAX"), the Corporation's wholly-owned French subsidiary, has closed the purchase of 2 cogeneration facilities in France which have a combined 10 MW of net electrical generating capacity and 4 MW of net thermal generating capacity. The total purchase consideration for the two plants is Cdn$1.67 million (EUR 1.16 million).

One plant, Societe Electrique du Chantenay, is an 8 MW (electric) facility which will be re-powered using an engine generator set currently owned by COMAX and will enter into a new twelve year contract with Electricite de France ("EdF") for 2 MW. The remaining 6 MW will be added to COMAX's merchant generating portfolio which now totals 21 MW. The other plant has a contract for 2 MW with EdF with four years remaining.

These 2 acquisitions bring MAXIM's generation portfolio in France to 20 power plants having a total of 122 MW electric and 114 MW thermal net installed generating capacity.


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 32 power plants in western Canada, United States and France, having a total of 492 MW of electric and 125 MW of thermal net generating capacity. Upon closing the acquisition of the Forked River power plant, MAXIM will own and operate 33 power plants having a total of 578 MW of electric and 125 MW of thermal net generating capacity.

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.

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

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