Schneider Power Inc.

Schneider Power Inc.

November 17, 2009 08:30 ET

Schneider Power Secures Higher Rates For Select Ontario Wind Projects

Rates to increase from $110 to $121 per megawatt-hour

TORONTO, ONTARIO--(Marketwire - Nov. 17, 2009) - Schneider Power Inc. (TSX VENTURE:SNE) announced today that it has secured an increase in the electricity rate payable for three existing power purchase agreements under the Renewable Energy Standard Offer Program ("Advanced RESOP"). The rate increase from $110 to $121 per megawatt-hour represents approximately $13 million in incremental project revenue over the 20 year life of the contracts. The projects benefiting from this rate increase, all of which are to be constructed in 2010, include:

  • The Arthur Wind Farm, owned by Arthur Wind Farm Limited Partnership (a joint-venture with Energy Farming Invest Inc.) in which Schneider Power owns a 20% carried interest, located in the Ontario township of Wellington North with a total approved nameplate capacity of 10.0 Megawatts.
  • The first phase of the Grand Valley Wind Farm, owned by Grand Valley 1 Limited Partnership (a joint-venture with Greta Energy Inc. and Lands End Corporation) in which Schneider Power owns a 6.6% carried interest, located in Dufferin County and with an approved nameplate capacity of 9.0 Megawatts.
  • The first phase of the Spring Bay Wind Farm, owned 100% by Schneider Power, located on Manitoulin Island, with an approved nameplate capacity of 6.5 Megawatts.

Schneider Power Inc. is one of Canada's premier renewable energy companies, with a large portfolio of clean electricity generation development projects and advanced exploration projects located across two continents, and large land positions on the most promising and prospective wind and solar power areas in North America and the Caribbean.

Schneider Power is listed on the TSX Venture Exchange under the symbol SNE.

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