TORONTO, June 28, 2012 /CNW/ - Sprott Power Corp. (TSX: SPZ) ("Sprott Power" or "the Company") an owner, operator and developer of renewable energy projects, today announced that yesterday it submitted bids for approximately 45 megawatts of projects to the Nova Scotia Renewable Energy Administrator pursuant to its renewable energy tender program. In aggregate, if awarded, these projects would require investments of approximately $100 million. Depending on which projects are awarded, the renewable energy would be provided from sites adjacent to the Company's recently commissioned Amherst project, the Company's operating facility near Lingan, Cape Breton, or other sites. Sprott Power hopes to provide additional renewable energy in order to satisfy the provincial government's obligation under the Nova Scotia Renewable Electricity Regulations.
In addition, Sprott Power has initiated construction for the 2.3 MW expansion of the Lingan Wind Farm, with road improvements and crane pad construction underway. The foundation will be constructed in July and the turbine will be installed and commissioned by the end of September 2012.
Sprott Power also has received approval from the Nova Scotia Minister of Energy for an 800 kW project under Nova Scotia's Community Feed-In Tariff ("ComFIT") program. The project is adjacent to the Company's existing Lingan facility and was submitted to the ComFIT program through a community joint venture.
About Sprott Power Corp.
Sprott Power is a publicly-traded (TSX: SPZ) Canadian-based company dedicated to the development, ownership and operation of renewable energy projects. Through project development efforts, acquisitions, partnerships and joint ventures, Sprott Power provides its shareholders with income and growth from the renewable power generation sector of the energy industry.
Certain information contained in this press release may constitute "forward-looking information" which reflects the current expectations of Sprott Power. This information reflects Sprott Power's current beliefs with respect to future events and are based on information currently available to management. Forward-looking information involves significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking information including, without limitation, the risks listed under the heading "Risk Factors" in the Company's Annual Information Form dated March 26, 2012. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information contained in this release. Although forward-looking information contained in this release is based upon what Sprott Power believes to be reasonable assumptions, management cannot assure investors that actual results, performance or achievements will be consistent with this forward-looking information. The forward-looking information is made as of the date of this release and Sprott Power does not assume any obligation to update or revise it to reflect new events or circumstances, except as required by law.
For further information:
Jeff Jenner, CA, CBV
President and Chief Executive Officer
Sprott Power Corp.
The Equicom Group
416-815-0700 ext. 264