Shear Wind Inc.

Shear Wind Inc.

April 04, 2011 09:01 ET

Shear Wind Announces Completion of Glen Dhu Project

HALIFAX, NOVA SCOTIA--(Marketwire - April 4, 2011) - Shear Wind Inc. ("Shear Wind") (TSX VENTURE:SWX) announces today that the Glen Dhu 62.1 MW wind facility in Nova Scotia (the "Glen Dhu Wind Farm"), has been completed and all turbines have been erected and commissioned. The Glen Dhu Wind Farm is the largest wind energy project in the province and is producing renewable energy for the people of Nova Scotia. It is anticipated that the production from the Glen Dhu Wind Farm will make a significant contribution to reaching the targets set within the province's Renewable Energy Standard, and will produce enough power for approximately 18,000 homes. 

"This is a major accomplishment for Shear Wind," stated Mike Magnus, President and CEO. "We have met all our delivery milestones and we are extremely proud of our achievements. We feel this is a testimony to the tremendous capabilities of this company and that the completion of the Glen Dhu Wind Farm provides a turning point in building a strong and profitable energy company."

Shear Wind has plans in place to expand the Glen Dhu Wind Farm, which is understood to be strategically suited for increased production. The site is expected to offer economic scale for expansion. Magnus went on to say, "Our plan is to build on our success, and we await the next Nova Scotia Request for Proposals (RFP) for renewable energy to gain the opportunity to build out Glen Dhu Phase II." 

Ian Tillard, COO said, "We are pleased to say that the construction was done mostly by Nova Scotians. Our dedication to excellence was extremely important, and our perseverance got us through a very hard winter construction. The communities are extremely supportive of the opportunities that a wind farm brings to the people and the local economy. "

Shear Wind has an aggressive development strategy to advance projects in other provinces and has developed a pipeline of projects which it is awaiting the opportunity to construct. In addition to the Glen Dhu Wind Farm in Nova Scotia, Shear Wind is targeting three other near-term opportunities in New Brunswick, Saskatchewan and Alberta.

Mr. Magnus concluded: "Our goal is to reach the status of being a significant energy producer in Canada. We feel that our proven team is very capable of meeting our future challenges."

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Shear Wind in any jurisdiction.

About Shear Wind
Founded in 2005, Shear Wind is headquartered in Halifax, Nova Scotia and is engaged in the exploration and development of renewable wind energy properties in Canada. Shear Wind is focused on building a strong company based on a secure and sustainable supply of clean wind energy. Shear Wind is committed to building shareholder value governed by environmental stewardship. Inveravante Inversiones Universales, S.L., an international corporation based in Spain, indirectly owns 62% of Shear Wind on a fully-diluted basis and 49% of Glen Dhu Wind Energy Limited Partnership through Genera Avante Holdings Canada Inc., following its investment in Shear Wind in November 2009.
Additional information on the various projects may be viewed on Shear Wind's website:

Forward-Looking Statements / Information
This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. Actual results may differ materially from information contained in the forward-looking information as a result of a number of material factors, including failure to secure adequate financing to develop projects of Shear Wind. Shear Wind undertakes no obligation to publicly update or revise any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.
Shear Wind Inc. trades on the TSX Venture Exchange under the symbol "SWX".

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information