Sky Harvest Windpower Corp. - Operational Update
Feb 23, 2012, 09:00 ET
VANCOUVER, Feb. 23, 2012 /CNW/ - Sky Harvest Windpower Corp. OTCBB:SKYH (the"Company") is very pleased to announce an additional update on its business development activities. The Company recently announced its rebranding activity focusing on gas and power activities domestically and internationally. The following information is intended to shed more light on the Company's near term activities.
The Company, again, has vigorously committed to the ongoing development of its two 175MW, Sky Harvest and Keewatin wind power projects, located in southwestern Saskatchewan, Canada. This includes 15,000 acres of land subject to an agreement with the Government of Saskatchewan for the research and development of wind power. If complete both projects could supply 350MW of clean wind power to the provincial grid.
The projects have the advantage of maintaining over five years of continuously collected wind data, pointing to a very robust wind regime with capacity factors estimated by Genivar Inc. as commercial grade. Both projects are intersected by 230 kv provincial electricity transmission lines and turbine deliveries are easily accessible by construction equipment through municipal and rural roads that also traverse the properties. These utility-grade projects of the Company were also subject to thorough geotechnical studies, investigation and analysis of environmental "fatal flaws" by Golder & Associates and have pre-construction state of the art balance of plant designs in place. Both projects are evidence of the Company's continuing commitment to the province of Saskatchewan and our local landowner group. The Company believes it is uniquely poised to continue developing these projects with a target to bring them into operation with subsequent power calls.
In addition, due to the Company's established position in the province of Saskatchewan, in association with its local counterparts, advisors and contractors, the Company intends to continue to pursue the Green Options Partners Programs ("GOPP") in 2012 and beyond as they are made available. This year, the Company intends to submit a minimum of two to three 10 megawatt project proposals. This yearly program allows for the province of Saskatchewan, through Saskpower, to grant power purchase agreements for windpower of up to 25MW of green power generation at highly favourable long term contract prices. The Company is pleased to announce the continued support of the local communities and land owners of its endeavours in the province.
On Feb 4, 2012, the Company announced its new growth strategy by way of its plan to complete an initial investment in Levant Energy Inc. in partnership with Mr. Bertan Atalay. Levering on its relationship with Mr. Atalay, the Company intends to invest in renewable power assets in small hydro, solar and geothermal power projects in Europe and in Turkey.
The Company is in the process of evaluating the acquisition of late development stage renewable power generation opportunities in Southern European countries and Turkey. These projects are either operating or in their latest pre-construction development stage. The Company believes it can take advantage of robust Canadian financial market conditions to invest in these late stage development projects with the view to commence producing operational cash flows within eighteen months. The renewable power projects that the company is in the process of reviewing benefit from lucrative feed-in-tariffs currently in place in Europe, and, high power prices existing in Turkey. The Company considers Turkey's extraordinary growth over the past fifteen years, and makes note of its place in G20 as the 16th largest economy in the world. Balanced power prices in Turkey have not been lower than approximately 7c/kwh in the past decade. Its energy needs continue to grow at a pace not easily satisfied and the Company intends to become a significant part of the growth of the country's energy market.
The Company's President and CEO, Bill Iny, said, "We are very enthused about our new direction to focus more broadly on the gas and power market sectors, which we believe will provide a significant growth opportunity for our current shareholders and future investors. We believe energy markets will robustly grow in the near future in both North America and internationally. It is our purpose to lever on our experience in Canada thus far to grow our footprint domestically and internationally." And he further added, "Please visit our website for further developments where one would find updates on our organizational developments amongst others."
Sky Harvest invites shareholders and other interested parties to visit its new website located at www.skyharvestwind.com or contact Sky Harvest at 604-267-3041 locally or toll-free 1.877.700.7021
SKY HARVEST WINDPOWER CORP.
William Iny, President & CEO
Sky Harvest Windpower Corp. is a United States and British Columbia reporting issuer involved in development stage wind power projects located in southwest Saskatchewan, Canada. Wind speed and environmental data relating to the Company's leased properties indicates that the properties host a strong and consistent wind resource that warrants the erection of wind power generation facilities with the potential to generate up to 350 MW of electricity.
Safe harbor for Forward-Looking Statements: Except for statements of historical fact, the information presented herein constitutes forward-looking statements. Forward-looking statements may include financial and other projections, as well as statements regarding the Company's future plans, objectives or economic performance, or the assumptions underlying any of the foregoing. The Company uses words such as "may", "would", "could", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. However, whether actual results and developments will conform to the Company's expectations and predictions is subject to a number of risks, assumptions and uncertainties. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from those indicated. Forward looking statements in this press release include the following: that our properties host a strong and consistent wind resource that warrants the erection of wind power generation facilities with the potential to generate up to 350 MW of electricity; that the Company will be able to execute power purchase agreements in order to sell any electricity generated by its potential wind power projects; that the Company will be successful in acquiring energy sector assets in Turkey or parts of Europe; and that the Company will proceed with a debt or equity financing to fund the joint venture acquisition and earn its interest in Levant Energy Inc. Factors which may delay or prevent these forward looking statements from being realized include that we may not be able to raise sufficient funds to expand our operations and complete the potential acquisitions, that we may not succeed in developing wind power projects in Saskatchewan or energy sector projects in Europe and Turkey, we may not be able to acquire additional renewable energy assets, actual data may prove different from our current projected data, and we may not encounter suitable acquisition opportunities. Readers should refer to the risk disclosures outlined in the Company's periodic reports filed from time to time with the United States Securities and Exchange Commission on EDGAR at www.sec.gov and with the British Columbia Securities Commission at www.sedar.com.
For further information:
Sky Harvest at 604-267-3041 locally or toll-free 1.877.700.7021
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