TORONTO, Aug. 20, 2013 /CNW/ - Renewable Energy Developers Inc. (TSX:
RDZ) (TSX: RDZ.DB) ("ReD" or "the Company"), a developer, owner and
operator of renewable energy projects, is pleased to announce the
closing of the acquisition by affiliates of ReD of four contracted
Ontario wind projects (the "Projects"), representing gross capacity of
50 megawatts ("MW") from affiliates of Wind Works Power Corp. ("WWPC").
ReD and its financial partner provided secured loans to the Projects
during 2012. ReD has co-developed the Projects for the past 14 months
with WWPC and has submitted all projects for Renewable Energy Approvals
in 2013. It is expected that ReD and its financial partner will each
hold a 50% ownership interest in the Projects once they are completed
and will equally fund the project construction costs in 2014.
"I am very pleased to complete this transaction and increase our
contracted development pipeline of projects," said Mr. Jeff Jenner,
President and CEO of ReD. "With the strength of our financial partner
and the proposed arrangement with Capstone Infrastructure, these
development projects will be fully supported as they move into
construction and operation."
About Renewable Energy Developers Inc.
ReD is dedicated to the development, ownership and operation of
renewable energy projects. Through project development efforts,
acquisitions, partnerships and joint ventures, ReD provides its
shareholders with income and growth from the renewable power generation
sector of the energy industry. On July 3, 2013 the Company announced
it had entered into a definitive agreement with Capstone Infrastructure
Corporation (TSX: CSE; CSE.PR.A; CSE.DB.A - "Capstone") whereby
Capstone will acquire all the outstanding shares of ReD by way of a
share exchange, which will result in a larger infrastructure company
with power generation facilities across Canada totalling approximately
net 465 megawatts of installed capacity, an attractive pipeline of
contracted development opportunities in Canada representing net 79 MW
of capacity, and international investments in regulated water and
district heating businesses.
Certain information contained in this press release may constitute
"forward-looking information" which reflects the current expectations
of ReD. This information reflects ReD's current beliefs with respect to
future events and is 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 ability of the parties to settle on definitive
agreements and meet conditions precedent, the regulatory environment
for developing renewable generation in Ontario as well the risks listed
under the heading "Risk Factors" in the Company's Revised Annual
Information Form dated April 2, 2013. 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 ReD 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 ReD does not assume any obligation to update or revise it to
reflect new events or circumstances, except as required by law.
SOURCE: Renewable Energy Developers Inc.
For further information:
Jeff Jenner, CA, CBV
President and Chief Executive Officer
Renewable Energy Developers Inc.
(647) 476 7580
(416) 815 0700 ext. 238