EDMONTON, July 13 /CNW/ - An indirect wholly-owned subsidiary of Capital Power Corporation ("Capital Power" TSX: CPX) has received an Environmental Assessment Certificate from the Government of British Columbia for Capital Power's proposed Quality Wind Project located near Tumbler Ridge, B.C.
"This major regulatory milestone in the development of the Quality Wind project allows us to continue moving forward with our goal of bringing clean power to British Columbians by 2012," said Capital Power President and CEO Brian Vaasjo. "The B.C. Government's decision to grant an Environmental Assessment Certificate shows that the project can be developed in a manner that is environmentally sound and respects stakeholder and community values."
The Environmental Assessment process concluded that the proposed 142-megawatt (MW) Quality Wind project is not likely to have significant adverse effects, based on the mitigation measures and commitments included as conditions of the environmental assessment certificate.
The conditions outlined in the certificate must be implemented through the various stages of the project. The area has seen other development, including oil/gas activity and forestry operations.
The proposed project has an expected cost of $455-million. The proposed 142 MW facility will incorporate 79 wind turbines across the site. Capital Power recently announced an agreement with Vestas to supply and commission the 1.8 MW wind turbines for the site.
In March 2010, BC Hydro announced that the Quality Wind Project had been selected for the award of an Electricity Purchase Agreement (EPA). The EPA was signed in April 2010.
Preliminary construction is anticipated to begin later this year, following the completion of the land tenure permitting process. Commercial operation is expected by the end of 2012.
About Capital Power
Capital Power is a growth-oriented North American independent power producer, building on more than a century of innovation and reliable performance. The Company's vision is to be recognized as one of North America's most respected, reliable and competitive power generators. Headquartered in Edmonton, Alberta, Capital Power has interests in 31 facilities in Canada and the U.S. totaling approximately 3,500 megawatts of generation capacity. Capital Power and its subsidiaries develop, acquire and optimize power generation from a wide range of energy sources.
Certain information in this news release is forward-looking within the meaning of Canadian securities laws as it relates to anticipated financial performance, events or strategies. When used in this context, words such as will, anticipate, believe, plan, intend, target, and expect or similar words suggest future outcomes.
Forward-looking information in this news release includes, among other things, information relating to Quality Wind's: (i) expected capital cost; (ii) expected timing for completion of land tenure permitting, commencement of construction, and timing of commercial operation; (iii) expectations regarding Capital Power's strategy; (iv) expectations regarding the supplier, number or type of wind turbines that will be commissioned as part of the Quality Wind Project; (v) expectations regarding Capital Power's goal of bringing clean power to British Columbians and the timing thereof; and (vi) expectations regarding Quality Wind being developed in an environmentally sound manner and respecting community and stakeholder values.
These statements are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate. The material factors and assumptions used to develop these forward-looking statements include, but are not limited to: (i) the location of the project and the site on which it will be developed; (ii) costs of construction and development; (iii) the Company's financial position, credit facilities and sources of funding; (iv) the Company's assessment of commodity and power markets; (v) the Company's assessment of the markets and regulatory environments in which it operates; (vi) the Company's assessment of economic conditions; (vii) weather; (viii) availability and cost of labour and management resources; (ix) performance of contractors and suppliers; * availability and cost of financing; (xi) foreign exchange rates; (xii) currently applicable and proposed environmental regulations will be implemented; (xiii) counterparties will perform their obligations; (xvi) ability to successfully integrate and realize benefits of its acquisitions; (xiv) ability to implement strategic initiatives which will yield the expected benefits and results; and (xv) the Company's assessment of capital markets and ability to complete future share offerings.
Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Company's expectations. Such risks and uncertainties include, but are not limited to risks relating to: (i) operation of the Company's facilities; (ii) power plant availability and performance; (iii) unanticipated maintenance and other expenditures; (iv) availability and price of energy commodities; (v) electricity load settlement; (vi) regulatory and government decisions including changes to environmental, financial reporting and tax legislation; (vii) weather and economic conditions; (viii) competitive pressures; (ix) construction; * availability and cost of financing; (xi) foreign exchange; (xii) availability and cost of labour, equipment and management resources; (xiii) performance of counterparties, partners, contractors and suppliers in fulfilling their obligations to the Company; (xiv) developments in the North American capital markets; (xv) compliance with financial covenants; (xvi) ability to successfully realize the benefits of acquisitions and investments. If any such risks actually occur, they could materially adversely affect the Company's business, financial condition or results of operations. In that case the trading price of the Company's common shares could decline, perhaps materially.
Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing information about management's current expectations, and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
SOURCE Capital Power Corporation
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