The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Sprott Power Corp. Announces Closing of the Long-Term Financing for the Amherst Wind Farm Project

Tuesday, August 16, 2011

Sprott Power Corp. Announces Closing of the Long-Term Financing for the Amherst Wind Farm Project17:00 EDT Tuesday, August 16, 2011TORONTO, Aug. 16, 2011 /CNW/ - Sprott Power Corp. ("Sprott Power") (TSX: SPZ), a developer, owner and operator of renewable energy projects, today announced along with its joint venture partner, Firelight Infrastructure Partners L.P. ('Firelight"), that it has closed the $45.0 million non-recourse, construction and take-out debt financing for its Amherst, Nova Scotia wind project (the "Amherst Project").  The debt facility was arranged by Stonebridge Financial Corporation, with funding provided by the Great-West Life Assurance Company and Ontario Pension Board.The Amherst Project is a 31.5 MW wind power project located near Amherst, Nova Scotia and is owned by SP Amherst Wind Power LP, a partnership between subsidiaries of Sprott Power and Firelight."The terms we were able to obtain from our lenders, including the twenty year fixed interest rate, will enhance the expected return on the equity for the partners and for Sprott Power," said Jeff Jenner, President and CEO of Sprott Power.Construction on the project commenced in May 2011, and is expected to be completed in the first fiscal quarter of 2012.  The forecast annual electric output is estimated at 98.5 GWh, which will nearly double the generation capacity currently under management at Sprott Power.About Sprott Power Corp.Sprott Power is a publicly-traded (TSX: SPZ) Canadian-based company dedicated to the development, owning and operating of renewable energy projects. Through project development efforts, acquisitions, partnerships and joint ventures, Sprott Power provides its shareholders with income and growth from the renewable power generation sector of the energy industry.About Firelight Infrastructure Partners L.P.Firelight Infrastructure Partners is a Toronto-based Canadian Partnership that invests in North American renewable energy projects including wind, hydro and solar. Firelight partners with experienced developers to provide the capital necessary to develop, construct and operate high quality renewable energy projects. Investments made by Firelight are bringing clean power to local communities in Prince Edward Island, Nova Scotia and Ontario.Forward-Looking StatementsCertain information contained in this press release may constitute "forward-looking information" which reflect the current expectations of Sprott Power and Firelight. This information reflects Sprott Power's and Firelight's current beliefs with respect to future events and are based on information currently available to management. Forward-looking information involves significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking information including, without limitation, the risks listed under the heading "Risk and Uncertainties" in Sprott Power's Management's Discussion and Analysis of Financial Results dated June 13, 2011. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information contained in this release. Although forward-looking information contained in this release is based upon what Sprott Power and Firelight believe to be reasonable assumptions, management cannot assure investors that actual results, performance or achievements will be consistent with this forward-looking information. The forward-looking information is made as of the date of this release and Sprott Power and Firelight do not assume any obligation to update or revise it to reflect new events or circumstances, except as required by law.For further information: Jeff Jenner, CA, CBV President and Chief Executive Officer Sprott Power Corp. 416-943-6387 jjenner@sprottpower.com               Catherine Love Investor Relations The Equicom Group 416-815-0700 ext. 266 clove@equicomgroup.com