CALGARY, June 15 /CNW/ - Pristine Power Inc. (TSX: PPX), an independent
Canadian developer and operator of electricity and steam generation
facilities, today announced that it has entered into an agreement with Siemens
Energy, Inc. ("Siemens") to reserve two Siemens STG6-PAC-5000F combustion
turbine generator packages to be used in the 393 megawatt (MW) York Energy
Centre project. The agreement also establishes key terms and conditions for
the purchase of such turbines, including price, performance specifications,
delivery dates, warranties and other performance assurances. A definitive
purchase agreement with Siemens is expected to be entered into in the third
quarter of 2009. Delivery of the turbines is scheduled for early 2011.
"The signing of the turbine reservation agreement represents a key
commercial milestone for the York Energy Centre," said Mr. Jeffry M. Myers,
President and Chief Executive Officer of Pristine. "Completion of successful
negotiations with Siemens means that the York Energy Centre project remains on
schedule. We are actively engaged in the permitting process as well as
negotiation of other key contracts. When complete, the York Energy Centre is
expected to provide critical support to the electricity infrastructure in the
northern York region, providing necessary electricity generation during peak
hours and supporting overall transmission grid stability in the region.
Moreover, we expect that the York Energy Centre project will provide up to 150
full-time jobs during construction and will make a significant long-term
contribution to the local economy in the Township of King and northern York
The Company also reported that both GE LM6000 turbines at the East
Windsor Cogeneration Centre project have achieved first fire and delivered the
project's first megawatts to the local electricity grid. Commissioning of the
project is ongoing and continues to be on schedule for the commencement of
commercial operations in the third quarter of 2009.
"First fire and grid deliveries of electricity at our East Windsor
project is a major step toward commercial operations," added Mr. Myers. "We
continue to make progress on this project and it remains on budget and on
schedule for commercial operations in the third quarter of this year."
About the York Energy Centre project:
The York Energy Centre 393 MW natural gas fired power plant located in
the Township of King, Ontario, is to be owned jointly by Pristine Power Inc.
and an affiliate of Harbert Power, LLC. The project is expected to be
constructed for a total cost of approximately $365 million with commercial
operations anticipated to commence by the end of 2011. Pristine holds a 50%
interest in the York Energy Centre project, and is managing the construction
and operation of this project.
About the East Windsor Cogeneration Centre project:
The East Windsor Cogeneration Centre 84 MW natural gas-fired cogeneration
facility in Windsor, Ontario, is owned jointly by Fort Chicago Energy Partners
LP, CFI Infrastructure Opportunities LP and Pristine through a jointly owned
limited partnership. The facility will generate reliable clean power for over
80,000 homes and steam for Ford's Windsor Engine Plant operations once
completed. The project is expected to be constructed for total capital costs
of approximately $207 million with commercial operations anticipated to
commence by the end of the third quarter of 2009. Pristine Power holds an
effective 25% interest in the East Windsor Cogeneration Centre and is managing
the construction and operation of this project.
Cautionary Statement Regarding Forward-Looking Information
Certain statements in this news release may constitute "forward-looking
information" or "forward-looking statements" which involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company or industry results to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking information. When used in this
news release, such information uses such words as "estimates", "expects",
"plans", "anticipates" and other similar terminology. This information
reflects the Company's current expectations regarding future events, including
the development, construction and operation of the York Energy Centre and East
Windsor Cogeneration Centre projects and speaks only as of the date of this
news release. Forward-looking information involves significant uncertainties,
should not be read as a guarantee of future performance or results, and will
not necessarily be an accurate indication of whether or not such results will
be achieved. A number of factors could cause actual results to differ
materially from the results discussed in the forward-looking information.
Although the forward-looking information in this news release is based upon
what management of the Company believes are reasonable assumptions, the
Company cannot assure investors that actual results will be consistent with
this forward-looking information. This forward-looking information is provided
as of the date of this news release, and, subject to applicable securities
laws, the Company assumes no obligation to update or revise such information
to reflect new events or circumstances.
Pristine (TSX: PPX) is in the business of developing, owning and
operating independent power plants that produce and sell electricity and in
some cases, sell process steam to industrial users. Pristine capitalizes on
opportunities in the independent power market by actively pursuing the
development of dependable, cost-effective and environmentally responsible
power generation facilities utilizing technology with proven past performance.
Pristine pursues a mix of large gas-fired, bioenergy and hydroelectric
projects, and smaller replicable waste heat recovery ERG(R) and bioenergy
projects. Pristine currently has two projects in operation, one under
construction, and two under contract and in advanced development. Pristine is
developing projects in Ontario, British Columbia and the Western United
States. Visit www.pristinepower.ca for more information.
For further information:
For further information: Jeffry M. Myers, President & Chief Executive
Officer, Telephone: (403) 444-5571, Fax: (403) 444-6784; Geoffrey D. Krause,
Chief Financial Officer, Telephone: (403) 444-6405, Fax: (403) 444-6784