TORONTO, Oct. 25, 2012 /CNW/ - Sprott Power Corp. (TSX: SPZ) ("Sprott Power" or "the Company"), a developer, owner and operator of renewable energy projects, is pleased to announce it is in negotiations to acquire interests in and to co-develop several projects in Ontario. Sprott Power had previously assumed the position of a secured lender in the projects and intended to co-develop some or all of them, as disclosed in its June 26, 2012 press release.
The projects represent up to 90 MW of contracted capacity. They are currently owned by Ontario limited partnerships controlled by project companies affiliated with Zero Emission People LLC. The parties have entered into a letter of intent, and the transaction will be subject to standard conditions, including receipt of any consents required from the Ontario Power Authority and other third parties.
Sprott Power is actively participating in project development and providing additional development funding to the projects, and may pursue the acquisition and investment with a financial partner.
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 and assumptions with respect to future events and is based on information currently available to management. Actual results may vary from the forward-looking information, and material risk factors that could cause this include the ability of the parties to settle on definitive agreements and meet conditions precedent, the regulatory environment for developing renewable generation in Ontario as well as those listed under the heading "Risk Factors" in the Company's Annual Information Form dated March 26, 2012. 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.
SOURCE: Sprott Power Corp.
For further information:
Jeff Jenner, CA, CBV
President and Chief Executive Officer
Sprott Power Corp.
The Equicom Group
416-815-0700 ext. 264