Great Plains Metals Corp. press release
Pristine Power Announces Award of a 20 Year Contract to York Energy Centre
TSXV - TSX Venture Exchange · Gold · Copper · Molybdenum · Rare Earth Elements · Uranium · Canada
CALGARY, Dec. 11 /CNW/ - Pristine Power Inc. (TSX: PPX "Pristine" or the "Company") announced today that its affiliate, York Energy Centre ("YEC") LP, has been awarded a contract by the Ontario Power Authority ("OPA") to construct, own and operate a 393 megawatt (MW) natural gas fired power plant located in the Township of King, Ontario. The York Energy Centre ("YEC"), to be owned jointly by Pristine Power Inc. and an affiliate of Harbert Power, LLC is expected to be constructed for a total cost of approximately $365 million with commercial operations anticipated to commence by the end of 2011.
"We are extremely pleased to have the opportunity to execute another major clean power project in Ontario," said Jeffry M. Myers, President and Chief Executive Officer of Pristine. "The York Energy Centre will play a key role in addressing the need for quick response peaking generation clearly identified by the OPA for northern York Region, and reducing grid reliance on coal fired generating capacity. The YEC marks Pristine's second major power project in Ontario resulting from a successful submission to the OPA's competitive procurement processes. Our first project, the 84 MW East Windsor Cogeneration Centre, remains on budget and on track for the commencement of commercial operations in mid-2009. Pristine is well capitalized to provide its share of equity for the YEC and intends to seek non-recourse long term debt financing later in 2009 upon finalization of major contracts and provincial and municipal permits."
The YEC was submitted by Pristine in response to the OPA's Request for Proposals for Approximately 350 MW of Peaking Generation in Northern York Region. The facility will use state-of-the-art low emissions gas turbine technology and will be built to meet high environmental standards. The project will be located in the Township of King adjacent to a major electrical substation. On behalf of YEC, Pristine has managed the completion of an Environmental Review Report and has submitted a Notice of Completion to the Ontario Ministry of Environment.
"We look forward to working with the community to make the York Energy Centre a success. Up to 150 construction jobs are expected to be created by the project and up to 7 full-time positions will be required to operate the York Energy Centre," said Mr. Myers. "Numerous local and regional businesses will be called upon to provide services to the facility during both the construction and operational phases. Finally, we will create a fund to support sustainable energy initiatives and local infrastructure in the area of the power plant development."
About Pristine
Pristine Power (TSX: PPX) develops, owns, and operates environmentally responsible power generation assets in Canada using proven, innovative, and clean technologies. Pristine Power is committed to creating sustained growth and value for its shareholders, while contributing to the economic, social and environmental sustainability of the communities in which it operates. The Company currently has two projects in operation, one under construction, and one under contract and in advanced development. Using a strategy of controlled, sustainable growth through a mix of proven technologies, Pristine aims to become a leading independent power producer in Canada. Visit www.pristinepower.ca for more information.
About Harbert Power, LLC
Harbert Power, LLC ("Harbert"), a subsidiary of Harbert Management Corporation, is involved with development, construction, ownership and operation of independent power generating facilities and power related assets in North America. Harbert manages power assets for Harbert Corporation, an affiliate, and develops, acquires and manages assets for the Harbinger Group. Since Harbert began its power business in 1986, the company has managed approximately $325 million of equity and raised approximately $1.5 billion of debt in the commercial bank and capital markets to finance power projects in the United States. Harbert currently is involved in the management of 17 power generating facilities with an aggregate capacity of approximately 2,000 MW. Harbert is based in Birmingham, Alabama and also has a significant operations and asset management office in Pittsburg, California for managing its California assets. Further information on Harbert can be found at www.harbert.net.
Cautionary Statement Regarding Forward-Looking Information
Certain statements in this news release, including the Company's construction plans, financing plans, cost estimates and commencement of commercial operation dates of the York Energy Centre and East Windsor Cogeneration Centre may constitute "forward-looking information" or "forward-looking statements" which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this news release, such information uses such words as "estimates", "expects", "plans", "anticipates" and other similar terminology. This information reflects the Company's current expectations regarding future events and construction activities and speaks only as of the date of this news release. Forward-looking information involves significant risks and uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information. Although the forward-looking information in this news release is based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with this forward-looking information. This forward-looking information is provided as of the date of this news release, and, subject to applicable securities laws, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.