SOURCE: Schneider Power Inc.

August 21, 2007 14:05 ET

Schneider Power Expects Continued Strong Growth in Renewable Energy Sector

TORONTO--(Marketwire - August 21, 2007) - Privately held Schneider Power Inc. announced today that it expects good third quarter results as electricity generation for the month of July from the Providence Bay Wind Farm has met expectations.

"July and August are typically the weakest revenue months of the year, in particular for a new wind farm installation," said Thomas Schneider, Chief Executive Officer of Schneider Power Inc. "The fact that output is right on target is a good sign and makes us cautiously optimistic that we should be able to meet our annual revenue targets in our first year of operation."

The first phase of the Providence Bay Wind Farm is the first operational facility in Schneider Power's planned 1,477 MW wind farm portfolio. An expansion of the existing facility and three additional wind farms are slated for construction at the end of the year with an additional 38 MW expected to come online through 2008. The Company expects continued capacity growth in the coming years with another 159 MW and 300 MW forecasted for 2009 and 2010, respectively.

"The market for renewable electricity in North America is worth about $23bn dollars annually, with the Canadian renewable energy sector continuing to grow at a cumulative annual growth rate of about 34.6%," said Bernd Schneider, Chairman of Schneider Power Inc. "The ongoing requirement for utilities to increase their renewable energy portfolio will continue to help fuel growth in this sector, independent of consumer sentiment."

Schneider Power Inc. is one of Canada's leading pure-play developers and owners of wind power projects. With an experienced management team, in-house development capabilities and access to wind turbines, the company has been able to successfully take advantage of the significant increase in Government calls for renewable electricity generation.


This news release may contain forward-looking statements. Forward-looking statements include, but are not limited to, statements about our operations, financial condition, strategies and outlook of Schneider Power Inc. ("SPI"). A forward-looking statement is subject to inherent risks and uncertainties that may be general or specific. A variety of factors, many of which are beyond SPI's control could cause actual results to differ materially from the expectations expressed in SPI's forward-looking statements. Readers should not place undue reliance on SPI's forward-looking statements. SPI does not undertake to update any forward-looking statement in this news release.