VANCOUVER, May 6, 2010 /CNW/ - Run of River Power Inc. (TSX-V: ROR) ("ROR Power" or "the Company") today announced that it has formally signed a 40-year electricity purchase agreement (EPA) with BC Hydro for its 25 MW Mamquam Power Project.
Under the terms of the EPA, which was announced on March 31, 2010, ROR Power will supply 68 GWh of firm electricity per year to BC Hydro resulting in green energy for approximately 9,500 homes in BC. In addition, the low-impact hydroelectric project will create 140 direct and indirect jobs for local and First Nations communities.
ROR Power will be working with provincial and federal permitting and approval agencies, local communities and its First Nations partners over the next two years. Construction is scheduled to begin in the second quarter of 2012, with commercial operation set for January 2014. When completed, the Mamquam Power Project will be the Company's second operating run-of-river power plant in BC.
The Company also announced that Jako Krushnisky will step down as President and CEO, continuing with ROR Power as Chairman of the Board. A recruiting firm has been engaged and a search for a successor is under way.
In speaking about his decision to resign as President and CEO, Mr. Krushnisky said that following the success of the Mamquam Power Project in BC Hydro's Clean Power Call the Company was now entering its next phase of growth. "I have determined that this is an appropriate time for me to focus on other aspects of the Company's growth strategy. I will remain President and CEO until we have a successor in place," he said.
"As the founding CEO, Mr. Krushnisky has taken the Company from conception to where it is today and we thank him for his vision," said Richard Hopp on behalf of the Board.
About Run of River Power Inc.
Run Of River Power Inc. (ROR Power) develops renewable, sustainable energy through its portfolio of run-of-river and biomass projects in British Columbia. The Company operates an Eco Logo(C) certified hydroelectric power generation station at Brandywine Creek, near Whistler, BC that generates cash flow under a 20-year contract with BC Hydro. ROR Power is well positioned for profitable growth through power generation initiatives that include its Mamquam Power Project, selected by BC Hydro for an Electricity Purchase Agreement. ROR Power's total development potential, in excess of 740 MW, represents a significant opportunity to help BC meet its rising demand for clean, sustainable power and achieve energy self sufficiency by 2016.
Statements in this release which describe Run of River Power Inc.'s intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve unknown risks and uncertainties which may cause the actual results, performances or achievements of Run of River Power Inc. to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. Run of River Power Inc. may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward-looking statements as required pursuant to applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Run of River Power Inc.
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