Cape Scott Wind Farm Site Development - Completion of Transaction for "Phase One"
By Sea Breeze Power Corp, PRNESunday, June 26, 2011
VANCOUVER, June 27, 2011 -
TSX-VENTURE :SBX
Sea Breeze Power Corp. (”Sea Breeze“) is pleased to announce
that it has closed an “Asset Purchase” transaction (the
“Transaction”) with IPR - GDF SUEZ North America (”IPR - GDF SUEZ”)
for the 99 MW “Phase 1″ of the Knob Hill Wind Farm project (the
“Project”).
Total transaction payments expected to be received by Sea Breeze
(as of the date of commercial operations) will amount to
approximately CAD$12 million, which include “milestone”
payments amounting to CAD $1,865,000, triggered at the
Transaction’s close. Additional milestone payments will be paid as
the Project moves through construction and into commercial
production. IPR - GDF SUEZ will provide 100% of the equity funding
for the Project.
“We are delighted to announce the completion of the transaction
for Phase One, which represents the first of several high-quality
wind energy projects that Sea Breeze has been developing,” said
Paul Manson, CEO of Sea Breeze. “IPR - GDF SUEZ is a world market
leader in energy generation.”
The Project has been renamed the “Cape Scott Wind Farm” as an
element of the Transaction. Construction for the Project is
expected to begin during the summer of 2011, following the
completion of amendments to the existing environmental approvals
for the wind farm. The amendments relate to the Project’s
transmission line to Port Hardy.
The Project, based on a 20-year Electricity Purchase Agreement
(”EPA”) executed with British Columbia Hydro and Power Authority
(”BC Hydro”), represents the first of two phases for development of
the Cape Scott Wind Farm site. IPR - GDF SUEZ holds a “Right of
First Offer” to acquire the balance of the permit land available
for Phase 2.
In addition to payments for the Transaction, Sea Breeze will
receive an ongoing royalty based on a percentage of gross revenue
generated by the project through the 20 year BC Hydro EPA, and
holds an option to acquire a 10% equity interest in the Project
The Project enjoys strong support from residents of the region,
and the Quatsino, Tlatlasikwala and Kwakiutl First Nations, on
whose traditional territories the Project is situated.
About Sea Breeze Power Corp.
Sea Breeze Power Corp. is a Vancouver, Canada-based diversified
renewable energy company focused on developing renewable energy
projects, and implementing state-of-the-art technologies. Upon
completion of construction, the Cape Scott Wind Farm will be the
first operating power generation facility initiated by Sea Breeze,
whose development team is presently investigating an additional
140,000 hectares for wind power development throughout British
Columbia.
Through a joint venture partnership with Boundless Energy, LLC,
Sea Breeze is also involved in development of large-scale, “smart
grid” and environmentally-friendly electricity transmission
projects, including the fully permitted 550 MW international “Juan
de Fuca Cable“, planned to interconnect Victoria, British Columbia
with Port Angeles, Washington.
ON BEHALF OF THE BOARD OF DIRECTORS
“PAUL B. MANSON“
__________________________________________
per: PAUL B. MANSON, President & CEO
Neither the 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.
For further information:
For investor information, please contact:
Voice: +1-604-689-2991
Fax: +1-604-689-2990
.
Tags: canada, June 27, Sea Breeze Power Corp, Vancouver
