VANCOUVER, June 28, 2012 /CNW/ - Run of River Power Inc., ("ROR" or the "Company") (TSX-V: ROR) together with its wholly-owned subsidiary Sea to Sky Power Corporation, and Concord Green Energy are pleased to announce that the 25 megawatt ("MW") Skookum Power Project (the "Project") has received a Conditional Water License and a License of Occupation from the BC Ministry of Forests, Lands and Natural Resource Operations.
The $92 million Project is located on Skookum Creek approximately 10 kilometres east of Squamish, BC. Once completed, the Project will generate enough power to provide electricity for up to 8,400 homes and will offset as much as 70,000 tonnes of carbon dioxide annually by reducing BC's dependency upon imports of greenhouse gas emitting power production. During the two year construction period the Project will generate jobs and provide a significant boost to the local economy. An Impact and Benefits Agreement has been signed with the Squamish First Nation which will provide for revenue sharing and job opportunities.
Run of River Power President and CEO Rick Hopp remarked, "The award of a Conditional Water Licence and Land Act Tenure for the Skookum Power Project marks a major milestone for ROR in British Columbia. This Project has been under development since 2007 and the culmination of these approvals and authorizations means we can now move forward. The Project, expected to be in production in early 2014, will provide considerable value for ROR shareholders and significant economic benefits to the region".
Run of River Power would like to thank Concord Green Energy, the Squamish and Tsleil-Waututh First Nations, together with the District of Squamish, the Squamish Lillooet Regional District and our community partners for their continued support for this Project. The Company looks forward to working with them on this and future projects with the objective to generate sustainable power and long term economic growth."
About Run of River Power Inc.
ROR Power develops renewable, sustainable energy through its portfolio of clean energy projects. The company helps diversify BC's energy mix by providing a cleaner way to generate power and increasing the security of BC's energy supply. ROR Power operates an Eco Logo© certified hydroelectric power generation station at Brandywine Creek, near Whistler, BC that provides green power for about 4,000 homes. With a total development potential of approximately 400 MW, the company is well positioned for profitable growth.
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.
For further information:
Richard W. Hopp
President and CEO