EarthFirst announces credit commitment


    VICTORIA, Feb. 21 /CNW/ - EarthFirst Canada Inc. ("EarthFirst") (TSX: EF,
EF.WT) is pleased to announce that it has received an underwriting commitment
for a $212.0 million senior secured credit facility from WestLB AG Toronto
Branch and WestLB AG New York Branch (collectively "WestLB"). The proceeds
from this credit facility will be used to partially fund the 144 MW Dokie I
project, which is entering into its construction phase.
    The proposed credit facility is composed of two tranches consisting of a
$197.0 million construction phase plus 17 year term tranche and a
$15.0 million, extendible seven year working capital/debt service reserve
tranche. As part of its mandate, WestLB may also arrange a $55 million
construction plus 20 year term fixed rate tranche with institutional lenders
which would then reduce the $197 million tranche to $142 million. The proposed
facility is anticipated to close on or before May 15, 2008. WestLB intends to
syndicate the facility in the near future. The proposed facility is subject to
customary conditions precedent for transactions of this nature.
    The 144 MW Dokie I wind power project is located approximately
150 kilometers southwest of Fort St. John in the Peace River Region of British
Columbia. EarthFirst expects to install the first eight wind turbines during
2008 and the remaining 40 wind turbines during 2009.
    Commenting on the announcement, Ron Percival, President of EarthFirst
said, "This commitment letter represents another significant milestone reached
to complete the Dokie I project."
    Also commenting on the announcement, Robert Toole, Chief Executive
Officer of EarthFirst said, "With this commitment from WestLB and the funds
from our successful IPO we now have the funding anticipated to complete the
Dokie I Project."

    EarthFirst is a leading Canadian developer of wind energy projects with a
portfolio of over 2,500 MW of potential renewable generating capacity. This
includes 174 MW which is expected to be in commercial production by the end of
2009 and an additional 226 MW which are fully permitted and expected to be
tendered into the BC Clean Power call this year. Common Shares and Warrants of
EarthFirst Canada Inc. are listed on the TSX under the symbol EF and EF.WT,

    WestLB AG is a European commercial bank with firm roots in North
Rhine-Westphalia, Germany's largest federal state. With total assets of (euro)
285.3 billion as at December 31, 2006, it is one of Germany's leading
financial services providers. It is the central institution for the savings
banks in North Rhine-Westphalia and Brandenburg, and as an internationally
operating commercial bank it acts as their link to the global financial
markets. Working in close partnership with the savings banks, WestLB offers
the full range of products and services of a universal bank, focusing on
lending, structured finance, capital market and private equity products, asset
management, transaction services and real estate finance.
    WestLB is very active in arranging and distributing debt financings in
the renewables space. Over the past three years, WestLB has established itself
as a lead financier in the renewables space, which includes biofuels, wind
power and solar financing amongst others. "We are pleased to have been engaged
by Earthfirst to arrange their inaugural financing, which supports the
build-out of the Dokie I Project. This wind financing will also positions us
well in Canada in terms of expanding our renewables and power franchise
globally." said Tom Murray, Global Head of WestLB's Global Energy. "This
financing seeks to tap into capital from various markets in order to optimize
Earthfirst's execution." said Manish Taneja, Global Head of Syndication and
Debt Capital Markets at WestLB.

    Certain statements included in this news release constitute
"forward-looking information" within the meaning of applicable securities
legislation including the timing and composition of the construction of the
Dokie I Project, anticipated costs to complete the Dokie I Project and the
timing to close the bank financing. Such forward-looking information involves
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of EarthFirst to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking information.
    Specifically, some of the material risks include delays in construction
timing or turbine delivery and increases in construction costs. In providing
such forward-looking information we have made various assumptions regarding,
among other things, interest rates, foreign currency exchange, projected
construction costs, timeframes and the costs of and availability of skilled
    The forward-looking information contained in this news release represents
the expectations of EarthFirst as at February 20, 2008, and, accordingly, is
subject to change after such date. However, EarthFirst expressly disclaims any
intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, except as
required by applicable law.

For further information:

For further information: Grant Bunker, Director, Investor Relations,
EarthFirst Canada Inc., Tel: (416) 628-2164, Toll Free: 1-866-622-4715,
E-mail:; Derren Newell, VP, Finance and Chief
Financial Officer, EarthFirst Canada Inc., Tel: (403) 513-0766, Toll Free:
1-877-513-0777, E-Mail:

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