VANCOUVER, April 13, 2011 /CNW/ - On January 26, 2011, Run of River Power Inc. (TSXV: ROR) ("ROR Power" or "the Company")
announced that its Suskwa and Tsilhqot'in projects were no longer under
consideration in BC Hydro's Bioenergy Phase 2 Call.
Due to the considerable uncertainty of a future Bioenergy Call and award
of an Energy Purchase Agreement by BC Hydro, the Company has decided to
write down the carrying value of its investment in its biomass projects
of approximately $5.0 million to a nominal value.
"In spite of this considerable uncertainty, we are continuing to explore
options with our First Nations partners to move these projects
forward," stated Rick Hopp, President and CEO of ROR Power.
About Run of River Power Inc.
Run of River Power Inc. develops renewable, sustainable energy through
its portfolio of run-of-river and biomass projects. The Company
operates an Eco Logo© certified hydroelectric power generation station
at Brandywine Creek, near Whistler, BC that generates cash flow under a
20-year contract with BC Hydro. ROR Power is well positioned for
profitable growth through power generation initiatives that include its
25 MW Skookum Power Project, awarded an Electricity Purchase Agreement
by BC Hydro in 2010. ROR Power's total development potential of 715 MW
represents a significant opportunity to help BC meet its rising demand
for clean, sustainable power and achieve energy self-sufficiency by
Statements in this release which describe Run of River Power Inc.'s
intentions, expectations or predictions, or which relate to matters
that are not historical facts are forward-looking statements. These
forward-looking statements involve unknown risks and uncertainties
which may cause the actual results, performances or achievements of Run
of River Power Inc. to be materially different from any future results,
performances or achievements expressed in or implied by such
forward-looking statements. Run of River Power Inc. may update or
revise any forward-looking statements, whether as a result of new
information, future events or changing market and business conditions
and will update such forward-looking statements as required pursuant to
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Run of River Power Inc.
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