TORONTO, July 15, 2013 /CNW/ - Renewable Energy Developers Inc. (TSX:RDZ) (TSX:RDZ.DB) ("ReD" or "the Company"), a developer, owner and operator of renewable energy projects, today announced it has entered into a binding agreement with Natenco, LLC to acquire the Ontario wind project known as Grey Highlands Clean Energy. The project is located in Grey County, Ontario, has a 20-year power purchase agreement with the Ontario Power Authority ("OPA"), and represents up to 18.5 MW of capacity.
The parties have entered into a letter of intent, and the transaction will be subject to standard conditions, including receipt of any consents required from the OPA and other third parties, and settlement of definitive agreements. The Company has actively participated in development of the project since January 2013 and will be providing additional development funding prior to closing. The Company expects to complete the acquisition and build and own the project with a financial partner.
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 31, 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 Power 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.
Tel: (416) 943-6387
Tel: (416) 815 0700 ext. 238