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HALIFAX AND CALGARY, May 9 /CNW/ - Shear Wind Inc. ("Shear Wind") (TSX
VENTURE: SWX) today celebrated the official opening of its
62.1-Megawatt Glen Dhu wind farm ("Glen Dhu Wind Farm") with over one
hundred people on its site located between Pictou and Antigonish
counties in Nova Scotia.
In attendance were government officials including the premier of Nova
Scotia, the Minister of Energy, municipal leaders, shareholders,
industry partners and community members.
"This is a great day for Shear Wind. Not only are we marking the
official opening of Glen Dhu Phase 1 - our Company's first major wind
farm at 62.1MW; but we're celebrating this community's contribution to
clean, renewable energy," said Mike Magnus, President & CEO, Shear
Wind. "We couldn't have come this far without the community support,
the Government's vision, and the participation and hard work from our
project partners and employees here at Glen Dhu."
The Glen Dhu Wind Farm allows the province to meet its 2015 renewable
energy targets. The wind energy produced by the Glen Dhu Wind Farm is
expected to represent 35 per cent of Nova Scotia Power's 2010 Renewable
Energy Standard (RES) target and is anticipated to produce energy to
power 18,000 homes.
"In 2002, we had two wind turbines in Nova Scotia. Today there are more
than 160 commercial turbines," said Premier Dexter. "Nova Scotia has
some of the most ambitious renewable energy targets in the world. We
are achieving those targets through the hard work, ingenuity and
innovation of organizations such as Shear Wind. It's an exciting time
to be part of the energy business in Nova Scotia."
Genera Avante Holdings Canada Inc., a subsidiary of Inveravante
Inversiones Universales, S.L., in Spain is Shear Wind's largest
shareholder. Inveravante has ownership of wind facilities in Europe and
parts of South America.
Shear Wind estimates that the Glen Dhu Wind Farm has resulted in a
direct and indirect investment of approximately $40 million in Nova
Scotia, $22 million of which has been invested directly in Pictou and
Antigonish counties and $2 million of which was generated through
"At its peak, 120 workers were employed producing 140,000 direct
full-time equivalent hours," said Ian Tillard, Chief Operating Officer.
"I'm proud to say that 83 per cent of the work was done by Nova
Shear Wind has mapped out a three-fold expansion for Glen Dhu in Phases
two and three that will harness the steady Northumberland Strait winds
and produce more wind energy. Shear Wind estimates that a phase two and
phase three expansion of the Glen Dhu site could realize an additional
170 Megawatts. The company also has properties for wind farm
development in New Brunswick and Alberta.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of Shear Wind in any
About Shear Wind
Founded in 2005, Shear Wind is headquartered in Halifax, Nova Scotia and
is engaged in the exploration and development of renewable wind energy
properties in Canada. Shear Wind is focused on building a strong
company based on a secure and sustainable supply of clean wind energy.
Shear Wind is committed to building shareholder value governed by
environmental stewardship. Inveravante Inversiones Universales, S.L.,
an international corporation based in Spain, indirectly owns 62% of
Shear Wind on a fully-diluted basis and 49% of Glen Dhu Wind Energy
Limited Partnership through Genera Avante Holdings Canada Inc.,
following its investment in Shear Wind in November 2009. Additional
information on the various projects may be viewed on Shear Wind's
Forward-Looking Statements / Information
This news release may include certain forward-looking information,
including statements relating to business and operating strategies,
plans and prospects, using words including "anticipate", "believe",
"could", "expect", "intend", "may", "plan", "potential", "project",
"seek", "should", "will", "would" and similar expressions, which are
intended to identify a number of these forward-looking statements.
Forward-looking information reflects current views with respect to
current events and is not a guarantee of future performance and is
subject to risks, uncertainties and assumptions. Actual results may
differ materially from information contained in the forward-looking
information as a result of a number of material factors, including
failure to secure adequate financing to develop projects of Shear Wind.
Shear Wind undertakes no obligation to publicly update or revise any
forward-looking information contained in this news release, except as
may be required by applicable laws, rules and regulations. Readers are
urged to consider these factors carefully in evaluating any
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/NOTE TO EDITORS: Media Assets accompanying this story are available as
SOURCE Shear Wind Inc.
For further information:
Speakers will be available to answer media questions today from 11:05 AM AST after the official proceedings. To arrange an interview please contact:
902 425-1860 x 240
Mobile: (902) 237-6017