TORONTO, June 14 /CNW/ - Sprott Power Corp. ("SPC") is pleased to announce its formation, the completion of an initial capital raise of approximately $20 million and its merger with Renewable Energy Developers LP ("ReD"), a private renewable energy company. SPC is a privately held Canadian company dedicated and committed to the acquisition, development and financing of renewable energy projects. SPC will be managed by Sprott Power Consulting LP ("SPCLP"), a newly-formed entity of which Sprott Consulting LP, a business unit of Sprott Inc. (TSX:SII), is the sole limited partner.
Jeff Jenner, CA, CBV, has joined SPCLP and will serve as President and CEO of SPC. Mr. Jenner has over thirty years experience, with the past fifteen years in the energy industry in senior decision making roles. He co-founded Ventus Energy Inc. in 2003, which was later sold four years later to GDF Suez for approximately $200 million. Most recently, he founded ReD, the assets of which comprise the development portfolio of SPC.
"I'm extremely pleased to lead Sprott Power Corp. and bring my expertise and the ReD development portfolio as the foundation for the company. I'm looking forward to building out our existing development pipeline as well as partnering with my colleagues in the renewable energy industry who have projects that require capital", said Jeff Jenner, President and CEO.
Joining Mr. Jenner as part of the management team are Hugh Campbell, P.Eng (Vice-President, Technology & Procurement) and Martin Lim, CA (Chief Financial Officer).
Mr. Campbell has over thirty years of experience in various engineering, business development and management positions including the last ten years in senior executive roles in renewable energy.
Mr. Lim has eighteen years of combined public accounting, corporate tax and industry experience including the last twelve years in various senior roles in deregulated energy.
SPC's assets consist of approximately 1,000 Mega Watts (MW) of wind power development in Eastern Canada. These assets were developed over a four-year period, and utilized 23 meteorological towers collecting wind resource data for up to 48 months. The assets are located within provinces that have announced or are expected to announce Request for Proposals ("RFP"). These RFP totaling almost 1,000 MW of wind energy generation will represent over $2 billion in potential investments over the next twelve months.
SPC has the additional mandate of acquiring operating projects generating cash flows and partnering with other developers to expand its geographic footprint and increase its development pipeline.
About Sprott Power Corp.
SPC is a privately held Canadian based company dedicated to the development and financing of renewable energy projects. Through acquisitions, partnerships and joint ventures, SPC seeks to provide its shareholders with exposure to the power generation sector. SPC is managed by SPCLP, of which Sprott Consulting LP, a business unit of Sprott Inc. (TSX:SII), is the sole limited partner. For more information on SPC, please visit www.sprottpower.com.
SOURCE Renewable Energy Developers Inc.
For further information: For further information: regarding Sprott Power Corp, please contact: Jeff Jenner, President and Chief Executive Officer, Tel: (416) 819-9925, Fax: (416) 977-9555, E-mail: firstname.lastname@example.org