Sprott Power Corp. Announces the Signing of a Letter of Intent to Sell its Interest in Non-Core Hydroelectric Assets

TORONTO, May 11 /CNW/ - Sprott Power Corp. ("Sprott Power") (TSX: SPZ), an owner, operator and developer of renewable energy projects, announced the signing of a non-binding letter of intent to sell its suite of hydro projects located in north western British Columbia, which includes the 30 megawatt Anyox Creek Hydroelectric Project and other nearby hydro development assets.

"Today's announcement is an important step forward in the development of the Anyox Creek Project," said Jeff Jenner, President and CEO of Sprott Power.  "Our counterparty is prepared to invest the time and efforts going forward to successfully develop this asset."

The sale is subject to the successful completion of various conditions and is anticipated to close on or before June 30, 2011.

About Sprott Power Corp.

Sprott Power is a publicly-traded (TSX: SPZ) Canadian-based company dedicated to the development, owning and operating of renewable energy projects. Through acquisitions, partnerships and joint ventures, Sprott Power provides its shareholders with exposure to the renewable power generation sector. Sprott Power is managed by Sprott Power Consulting LP, of which Sprott Consulting LP, a business unit of Sprott Inc. (TSX: SII), is the sole limited partner.

Forward-Looking Statements

Certain information contained in this press release may constitute "forward-looking information" which reflect the current expectations of Sprott Power. This information reflects Sprott Power's current beliefs with respect to future events and are based on information currently available to management. Forward-looking information involves significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking information including, without limitation, the risks listed under the heading "Risk and Uncertainties" in the Management's Discussion and Analysis of Financial Results dated March 14, 2011.  Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information contained in this release. Although forward-looking information contained in this release is based upon what Sprott Power believes to be reasonable assumptions, management cannot assure investors that actual results, performance or achievements will be consistent with this forward-looking information. The forward-looking information is made as of the date of this release and Sprott Power does not assume any obligation to update or revise it to reflect new events or circumstances, except as required by law.

SOURCE Sprott Power Corp.

For further information:

 

Jeff Jenner, CA, CBV
President and Chief Executive Officer
Sprott Power Corp.
416-943-6387
jjenner@sprottpower.com
          Catherine Love
Investor Relations
The Equicom Group
416-815-0700 ext. 266
clove@equicomgroup.com

 

Organization Profile

Sprott Power Corp.

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