CALGARY, Oct. 23 /CNW/ - Pristine Power Inc. (TSX: PPX "Pristine") and
ENMAX Green Power Inc. ("Enmax") today announced the completion of a 10 year,
$24.6 million non-recourse project financing agreement for its two 5 MW
Enpower projects at Savona and 150 Mile House.
Enpower Green Energy Generation Limited Partnership ("Enpower LP"), a
partnership jointly owned by Pristine and ENMAX Green Power Inc. and holding
the two Enpower projects, closed a 10-year, $24.6 million non-recourse term
loan with Toronto-based Corpfinance International Limited ("CFI"). The term
loan will finance approximately 78% of the $31.5 million total expected cost
of both projects.
In conjunction with the financing and under the terms of an equity
financing arrangement with CFI Infrastructure Opportunities L.P. ("CFI
Infrastructure"), Pristine effectively sold 50% of its 50% ownership interest
in Enpower LP to CFI Infrastructure for $3.7 million in cash.
Jeffry M. Myers, President and Chief Executive Officer of Pristine Power
remarked, "As a company, Pristine continues to meet all of its objectives for
2008. In the midst of turbulent capital markets, we completed our initial
public offering and we will have approximately $45 million available to fund
new growth opportunities, including an injection of approximately $14 million
of debt and equity from Enpower debt financing and through a draw from the CFI
Infrastructure arrangements. The Enpower transaction demonstrates that quality
infrastructure projects can attract competitively priced debt capital in
uncertain capital markets. We are very well positioned to turn our focus to an
unprecedented number of bid opportunities that we are pursuing in the
provinces of British Columbia, Ontario and Saskatchewan."
Pristine (TSX: PPX) is in the business of developing, owning and
operating independent power plants that produce and sell electricity and in
some cases, sell process steam to industrial users. Pristine capitalizes on
opportunities in the independent power market by actively pursuing the
development of dependable, cost-effective and environmentally responsible
power generation facilities utilizing technology with proven past performance.
Pristine pursues a mix of large gas-fired and bioenergy generation and
hydroelectric projects and smaller replicable waste heat recovery ERG(R) and
bioenergy projects. Pristine currently has two projects in operation, one
under construction, and one under contract and in advanced development.
Pristine is developing projects in Ontario, British Columbia, Saskatchewan and
Alberta. Visit www.pristinepower.ca for more information.
ENMAX Corporation, through subsidiaries and predecessors, provides
electricity, natural gas and value-added services to more than half a million
customers. Through a subsidiary, ENMAX Green Power Inc., ENMAX Energy
Corporation is one of Alberta's largest investors in renewable energy with
partial ownership of the McBride Lake Wind Farm and complete ownership of the
Taber and Kettles Hill Wind Farms. Based in B.C., Hydromax Energy Ltd., a
wholly owned subsidiary of ENMAX Green Power Inc., holds several water
licenses in B.C. at various stages of development. Visit www.enmax.com for
About Corpfinance International Limited
Founded in 1984, Corpfinance International Limited (CFI) has grown to
become one of Canada's premiere investment banking boutiques. CFI structures
and provides customized funding and financing solutions for a large range of
project financing such as power generation deals including co-generation and
hydro electric energy, and provides infrastructure financing for many public
and private sector projects such as nursing homes and public schools. In
addition to their lending capabilities CFI offers a wide range of capital
solutions through their wholly owned subsidiary, CFI Capital. CFI Capital is
the manager of the CFI Infrastructure Opportunities Fund which has committed
equity capital of $80 Million. Visit www.corpfinance.ca for more information.
Cautionary Statement Regarding Forward Looking Information
Certain statements in this news release, including the company's ability
to successfully proceed with projects, 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 performance 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.
For further information:
For further information: on this transaction or Pristine, please contact
either: Jeffry M. Myers, President and Chief Executive Officer, Pristine
Power, Telephone (403) 444-5571; Geoffrey D. Krause, Chief Financial Officer,
Pristine Power: Telephone: (403) 444-6405