VANCOUVER, Nov. 18, 2009 /CNW/ - Run of River Power Inc. ("ROR Power" or "the Company") (TSX-V: ROR) today announced that its Mamquam Power Project has been selected by BC Hydro for further discussions with respect to their Clean Power Call.
The 25 MW Mamquam project will utilize the flow of Skookum Creek to generate annual green energy for roughly 9,500 homes and will create 140 direct and indirect jobs for local and First Nation communities. The project, located 70 kilometres from Vancouver, is part of the larger Mamquam Power Cluster.
"We are delighted that our project has been selected and look forward to successful negotiations with BC Hydro in the weeks ahead," said Jako Krushnisky, President and CEO of ROR Power. "We are committed to helping BC meet its goal of energy self-sufficiency and are proud to be a part of the sustainable energy solution mandated by the province."
"The Squamish Nation is pleased that the Mamquam project, located in our traditional territory, is moving forward as part of the BC Hydro Clean Power Call. Projects such as this reflect our commitment to sustainability and partnerships for future generations of our membership," said Chief Gibby Jacob on behalf of the Squamish Nation Chief and Council.
In addition, ROR Power is actively pursuing a number of renewable energy initiatives. The Company intends to submit its 60 MW Tsilhquot'in and 30 MW Suskwa biomass projects to BC Hydro's Bionenergy Call, Phase 2, announced earlier this year. Further, and in conjunction with the Katzie First Nation, the Company plans to continue development of its 155 MW Upper Pitt cluster in preparation for BC Hydro's next call for power.
"The Katzie First Nation supports sustainable energy development and remain committed to the Upper Pitt River Power Project," said Chief Mike Leon of the Katzie First Nation, "This project will create much needed employment, economic benefits, and legacy assets for the Katzie people."
About Run of River Power Inc.
ROR Power develops renewable, sustainable energy through its portfolio of run-of-river and biomass projects in British Columbia (BC). The Company operates an Eco Logo(C) 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 the company's high-quality power generation initiatives. ROR Power's total development potential, in excess of 740 MW, represents a significant opportunity to help BC meet its rising demand for clean, sustainable power and achieve energy self sufficiency by 2016.
About BC Hydro's Clean Power Call
The Clean Power Call aligns with the BC Energy Plan, which calls for 90 per cent of electricity in the province to come from clean, renewable sources and for all new electricity generation projects to have zero net greenhouse gas emissions. In addition, the BC Energy Plan sets a target of electricity self-sufficiency by 2016.
BC Hydro intends to acquire up to 5,000 GWh of clean energy through the Clean Power Call, which complements the Standing Offer Program and the two-phase Bioenergy Call for Power. The Standing Offer Program targets smaller clean projects that generate up to 10 megawatts of power, while the Bioenergy Call for Power targets projects that utilize wood infected by the mountain pine beetle as well as other wood fibre fuel sources.
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.
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SOURCE Run of River Power Inc.
For further information: For further information: Jako Krushnisky, President and CEO, Tel: (604) 946-9232, firstname.lastname@example.org; Vick Dusik, Chief Financial Officer, Tel: (604) 946-9232, email@example.com