Schneider Power Advances Two Caribbean Wind Projects
Feb 1, 2010 - Energy Central
In two separate developments, Schneider Power Caribbean Inc., a wholly owned subsidiary of Schneider Power Inc. (TSX VENTURE: SNE) today announced the achievement of important new milestones on respective wind projects in the Commonwealth of the Bahamas and the Dominican Republic.
The Bahamas Renewable Energy Corporation ("BREC"), a joint-venture between Schneider Power Caribbean Inc. and WINSO Company Ltd. of Nassau, has been notified by the Bahamas Electricity Corporation ("BEC") that BREC has been short listed under the Renewable Request for Proposal process and will proceed to the next stage. BREC has submitted proposals for three renewable power generation facilities totalling 24 MW, spread across three islands (New Providence, Abaco and Harbour Island).
Separately, Schneider Power Caribbean Inc. and Hervill S.A. of Santiago de los Caballeros, Dominican Republic announced the signing of a non-binding memorandum of understanding to form a joint-venture to launch the Dominican Renewable Energy Corporation Ltd. ("DR Energy"). DR Energy will initially target development of two wind projects totaling up to 200 MW. The contemplated wind projects are located near the town of Guzmanzitos, west of Puerto Plata. The Company is working towards finalizing its relevant permits and submitting its projects to the domestic feed-in-tariff program (Law on Renewable Energy Incentives and Special Regimes).
Commenting on today's announcements, Thomas Schneider, President of Schneider Power said: "Both of these Caribbean jurisdictions couple good wind regimes with potentially attractive long-term power pricing. Alongside our local partners, we are optimistic that our decision to expand in the Caribbean will provide significant opportunities for local employment while supporting the government policy goals of increasing domestic power production and reducing reliance on foreign fossil fuels."
Schneider Power Inc. is one of Canada's premier renewable energy companies, with a portfolio in excess of 1,000 MW 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. More information can be found at: www.schneiderpower.com.
Schneider Power is listed on the TSX Venture Exchange under the symbol SNE.
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Schneider Power to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE: Schneider Power Inc.