Schneider Power and Emera Sign Letter of Intent to Partner on Bahamas Renewable Energy Corporation
17 Février 2009 - 2:30PM
Marketwired
Schneider Power Inc. (TSX VENTURE: SNE) announced today that it has
signed a Letter of Intent with Emera Inc. (TSX: EMA) to jointly
pursue renewable energy projects in the Bahamas via the Bahamas
Renewable Energy Corporation Ltd. ("BREC").
The Letter of Intent outlines a partnership between Emera and
Schneider Power that will allow both companies to collaborate on at
least three projects that have been offered through the Bahamas
Electricity Company's (BEC) Request for Proposals for Renewable
Energy Projects. The Projects are short-listed by BEC and are
located in New Providence, Abaco, and Harbour Island and total over
24 MW of capacity.
"This is a major step in establishing BREC as a true player in
renewable energy in the Caribbean," said Thomas Schneider, Chairman
of BREC and President of Schneider Power. "We are excited to have
Emera as our financial and development partner as we pursue
renewable energy projects in this region."
Wayne Crawley, Vice President Corporate Development of Emera
added; "We look forward to working with BREC and their local
partners to support BEC's renewable energy program. This is an
important economic energy source for the Bahamas".
Schneider Power owns a controlling interest in BREC which is a
joint-venture with Nassau based Winso Company Ltd. to develop
renewable energy projects in the Commonwealth of the Bahamas. Emera
owns 25% of Grand Bahama Power Company through their 50% ownership
of ICD Utilities Ltd. and is actively pursuing additional
opportunities in the Bahamas.
Forward Looking Information
This news release contains forward looking information. Actual
future results may differ materially. Additional financial and
operational information is filed electronically with various
securities commissions in Canada through the System for Electronic
Document Analysis and Retrieval (SEDAR).
About Schneider Power
Schneider Power Inc. (TSX VENTURE: SNE) 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. Visit us on the web at
www.schneiderpower.com.
Schneider Power is listed on the TSX Venture Exchange under the
symbol SNE.
About Emera
Emera Inc. (TSX: EMA) is an energy and services company with
$4.8 billion in assets. Electricity is Emera's core business. The
company has two wholly-owned regulated electric utility
subsidiaries, Nova Scotia Power Inc. and Bangor Hydro-Electric
Company, which together serve 600,000 customers. Emera also owns
19% of St. Lucia Electricity Services Limited, which serves more
than 50,000 customers on the Caribbean island of St. Lucia and 25%
of Grand Bahama Power Company which serves 19,000 customers on the
Caribbean island of Grand Bahama. In addition to its electric
utility investments, Emera has a joint venture interest in Bear
Swamp, a 600 megawatt pumped storage hydro-electric facility in
northern Massachusetts; a 12.9% interest in the Maritimes &
Northeast Pipeline; a 7.4% interest in Open Hydro and Emera Energy
Services which manages energy assets on behalf of third parties.
Visit Emera on the web at www.emera.com.
Contacts: Schneider Power Inc. Jonathan Lundy Chief Executive
Officer (416) 847-3724 x234 Website: www.schneiderpower.com
Emera (TSX:EMA)
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