Greengate Power Completes $14.3 Million Financing


CALGARY, April 5 /CNW/ - Greengate Power Corporation ("Greengate") is pleased to announce that it has completed the second tranche of a private placement financing (the "Offering"), raising aggregate gross proceeds of $14.3 million. Greengate raised gross proceeds of $5.8 million upon the completion of the first tranche of the Offering in Q4 2010. The completion of this second tranche of the Offering along with a concurrent President's List offering resulted in an additional $8.5 million in gross proceeds to Greengate. The proceeds raised will be used to continue the development of Greengate's world-class portfolio of wind energy projects.

The second tranche of the Offering involved additional equity investments by Greengate's existing cleantech investors, NGEN Partners and SAM Private Equity, and an initial investment by a third cleantech investor, The Westly Group.

The Offering was originally contemplated to total $10.8 million, but as a result of strong investor interest, the size of the Offering was increased by over 30 percent. The Offering was led by Jacob Securities Inc. and included TD Securities Inc.

"The Westly Group is an excellent addition to our strong group of investors", said Greengate President and Chief Executive Officer, Dan Balaban. "Having recently received approval for our 450 MW of power purchase agreements executed with Pacific Gas and Electric Company in California, we are pleased to establish relationships with leading California-based cleantech investors."

About NGEN Partners

Founded in 2001, NGEN Partners is a pioneering investor in the cleantech sector that focuses on investing in early to late stage businesses that offer economically valuable products and services that positively affect the environment. With a history in materials science, NGEN Partners has significant expertise in alternative energy, energy efficiency, pollution abatement and green resources.  NGEN Partners is one of the most active cleantech venture investors globally, with currently over twenty portfolio companies and US$500 million under management.

About SAM Private Equity

SAM Private Equity is a market leader in the field of cleantech and sustainable private equity investing. In July 2009, Robeco's Clean Tech and Sustainability Private Equity team moved from Rotterdam, the Netherlands to Zurich, Switzerland to join SAM Private Equity, a subsidiary of Robeco. The move has created synergies between SAM Private Equity's sustainability research and investment capabilities in listed companies and Robeco's expertise in investing in non-listed companies in the growing cleantech sector. The team manages approximately US$1 billion in sustainable and cleantech assets.

About The Westly Group

The Westly Group is a cleantech venture capital firm located in Menlo Park, California. The Westly Group is focused primarily on companies with proven revenue streams, but is open to investments in all stages of growth. The Westly Group is looking for teams with innovative technologies to solve the world's most pressing problems, and believes in the power of the passionate entrepreneur. To win in the clean technology space, a company must navigate the halls of government, build a team that knows how to move fast, and meet the modern regulatory standards required of public companies. The Westly Group prides itself on the ability to help its portfolio companies grow and succeed under these conditions.

About Greengate Power Corporation

Greengate is a privately held renewable energy project developer based in Calgary, Alberta, Canada. It is focused on the development of high quality wind energy projects across Alberta with access to existing transmission and supported by long-term, fixed-price agreements. Greengate is currently developing 1,550 MW of wind energy projects on approximately 200,000 acres of private land. Greengate's vision is to be Canada's largest pure-play renewable energy producer. For more information on Greengate, please visit


This news release contains forward-looking statements and forward-looking information (collectively "forward looking information") within the meaning of applicable securities laws. In particular, forward looking information in this news release includes, but is not limited to: statements with respect to the expected use of proceeds from the Offering. The forward-looking information is based on certain key expectations and assumptions made by Greengate, including expectations and assumptions concerning the development of its wind energy projects; the state of the economy and the cleantech business; business prospects and opportunities; the current regulatory and political environment; and existing financial commitments.. Although Greengate believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Greengate can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this news release are made as of the date hereof and Greengate undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.

SOURCE Greengate Power Corporation

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