Pristine Power Inc.'s York Energy Centre Completes the Environmental Assessment Process and Selects Lead Debt Providers



    CALGARY, Aug. 20 /CNW/ - Pristine Power Inc. (TSX: PPX), an independent
Canadian developer and operator of electricity and steam generation
facilities, today announced that York Energy Centre LP filed its Statement of
Completion following the Ontario Minister of the Environment's decision that
an individual environmental assessment is not required for the York Energy
Centre. The York Energy Centre completed a comprehensive Environmental Review
Report that concluded there will be no significant adverse effects to human
health or the environment resulting from the construction and operation of the
York Energy Centre.
    "The filing of our Statement of Completion marks the finalization of the
environmental assessment phase of the York Energy Centre and represents a
major milestone in York Energy Centre's schedule for an in-service date by the
end of 2011," said Jeff Myers, President and Chief Executive Officer of
Pristine Power.
    Pristine also announced the signing of a term sheet and engagement of a
syndicate of financial institutions to act as joint lead arrangers to
structure, arrange and syndicate the non-recourse debt financing for the
project. Closing of such financing is expected to occur in the fourth quarter
of 2009, subject to completion of appropriate due diligence, negotiation of
definitive lending agreements, receipt of lenders' credit authorizations, and
syndication.

    About the York Energy Centre project:

    The York Energy Centre is a 393 MW natural gas fired electricity
generation facility located in the Township of King, Ontario. The plant is
expected to be owned jointly by Pristine Power Inc. and an affiliate of
Harbert Power, LLC. The project is expected to be constructed for a total cost
of approximately $365 million with commercial operations anticipated to
commence by the end of 2011. Pristine expects to hold a 50% interest in the
York Energy Centre project, and is managing the construction and operation of
this project.

    Cautionary Statement Regarding Forward-Looking Information

    Certain statements in this news release 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, including
the development, financing, construction and operation of the York Energy
Centre. Forward-looking information involves significant 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.

    About Harbert Power, LLC

    Harbert Power, LLC ("Harbert"), a subsidiary of Harbert Management
Corporation, is involved with development, construction, ownership and
operation of independent power generating facilities and power related assets
in North America. Harbert manages power assets for Harbert Corporation, an
affiliate, and develops, acquires and manages assets for the Harbinger Group.
Since Harbert began its power business in 1986, the company has managed
approximately $325 million of equity and raised approximately $1.5 billion of
debt in the commercial bank and capital markets to finance power projects in
the United States. Harbert currently is involved in the management of 17 power
generating facilities with an aggregate capacity of approximately 2,000 MW.
Harbert is based in Birmingham, Alabama and also has a significant operations
and asset management office in Pittsburg, California for managing its
California assets. Further information on Harbert can be found at
www.harbert.net.

    About Pristine

    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, bioenergy 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 two under contract and in advanced development. Pristine is
developing projects in Ontario, British Columbia and the Western United
States. Visit www.pristinepower.ca for more information.





For further information:

For further information: For media and investor inquiries please contact
Thomas McMillan, Equicom Group, (403) 536-5903, tmcmillan@equicomgroup.com

Organization Profile

PRISTINE POWER INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890