SOURCE: Schneider Power Inc.

October 26, 2005 10:00 ET

Schneider Power Opens Bid for Debt Financing

TORONTO -- (MARKET WIRE) -- October 26, 2005 -- Canadian Wind Power Developer Schneider Power Inc. ("SPI") announced today that it is making an invitation to bid to Canadian financial institutions and financial services companies for an opportunity to provide commercial debt financing for its wind farm projects in Ontario.

The Company is requesting proposals and will award a single contract for a Master Financing Agreement for a financial services company to provide up to $15 million in commercial loans and debt financing to its operating subsidiary. Including an immediate $2 million dollar loan opportunity for Schneider Power Providence Bay Inc. where SPI has already developed, permitted and procured for the installation of ten wind turbine generators at the Providence Bay Wind Farm on Manitoulin Island.

The successful proponent will also be granted an opportunity to be the Lender of choice on all future wind energy projects in the Province of Ontario, encompassing a total commitment of $150 million dollars.

It is anticipated that all current and future wind turbine generators under this agreement will retain long term power purchase agreements with AA- or better rated market participants and have substantial equity participation by Schneider Power.

Information on the bid opportunity can be found by visiting www.schneiderpower.com and downloading the bid document.

Contact Information

  • For more information, contact:
    Thomas Schneider
    Schneider Power Inc.
    (416) 572-2140