TORONTO, Dec. 28 /CNW/ - At a special meeting of SkyPower Wind Energy
Fund LP (the "Partnership") unitholders held today, unitholders voted over 99%
in favour of the sale by Terrawinds Resources Corp. ("Terrawinds") of the
Terrawinds Wind Energy Project (the "Asset Sale") to SkyPower Corp. The Asset
Sale was completed immediately following receipt of unitholder approval.
The proceeds of the Asset Sale received by Terrawinds will be used as
described in the Management Proxy Circular dated November 29, 2007. The
circular was mailed to unitholders and is available under the Partnership's
profile at www.sedar.com.
On closing, approximately $24.5 million, or approximately $3.17 per Unit,
(the "Tax Indemnity Amount") was paid in trust to be used to indemnify
unitholders for taxes payable by them as a result of the loss of certain
deductions. Unitholders will be reimbursed after they have received and
presented to a tax indemnity agent (the "Indemnity Agent") the relevant tax
assessments from Canadian federal and provincial taxation authorities, and
completed certain other documentation to be provided by the Indemnity Agent.
Detailed information concerning the indemnification process will be
provided to unitholders by the Indemnity Agent in early 2008.
At today's unitholder meeting, unitholders also authorized the
Partnership to apply to cease to be a reporting issuer.
Forward Looking Statements
Certain statements included in this news release constitute
"Forward-Looking Statements" within the meaning of the Securities Act
(Ontario). Such forward-looking statements involve unknown risks,
uncertainties and other factors. The forward-looking information contained in
this news release represents the expectations of the SkyPower Wind Energy Fund
LP as at December 28, 2007 and, accordingly, is subject to change after that
date. However, SkyPower Wind Energy LP expressly disclaims any intention or
obligation to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as required by
For further information:
For further information: W. Judson Martin, Chairman of SkyPower I GP
Inc., General Partner of SkyPower Wind Energy Fund LP, at