TORONTO, July 8 /CNW/ - VentureLink Diversified Income Fund Inc. ("VentureLink") is pleased to announce the completion of a CDN$2.0 million investment in Toronto-based Sprott Power Corp. ("SPC" or the "Company") as part of a total financing round of CDN $23.0 million. VentureLink Managing Partner, John Varghese, joins the board and will assume the role of Chairman of SPC.
Sprott Power Corp. was formed in June 2010 after completing an initial round of financing and merger with Renewable Energy Developers LP ("ReD"), a private renewable energy company. SPC is a privately held Canadian company dedicated and committed to the acquisition, development and financing of renewable energy projects. SPC will be managed by Sprott Power Consulting LP ("SPCLP"), a newly-formed entity of which Sprott Consulting LP, a business unit of Sprott Inc. (TSX:SII), is the sole limited partner.
Jeff Jenner, CA, CBV, has joined SPCLP and will serve as President and CEO of SPC. Mr. Jenner has over thirty years experience, with the past fifteen years in the energy industry in senior decision making roles. He co-founded Ventus Energy Inc. in 2003, which was later sold four years later to GDF Suez for approximately $200 million. Most recently, he founded ReD, the assets of which comprise the development portfolio of SPC.
SPC's assets consist of approximately 1,000 Mega Watts (MW) of wind power development in Eastern Canada. These assets were developed over a four-year period, and utilized 23 meteorological towers collecting wind resource data for up to 48 months. The assets are located within provinces that have announced or are expected to announce Request for Proposals ("RFP"). These RFP totalling almost 1,000 MW of wind energy generation will represent over $2 billion in potential investments over the next twelve months.
"Jeff Jenner and his core management are proven successful veterans of the energy industry. This teams track record, integrity, knowledge and deep industry understanding made this a very attractive investment opportunity for us" states John Varghese.
"We are extremely pleased that a successful renewable energy investor like VentureLink has the confidence to invest in Sprott Power Corp. at this early stage. I look forward to working again with John Varghese on strategic issues to grow our business,," adds Jeff Jenner, President and CEO of Sprott Power Corp.
About Sprott Power Corp.
SPC is a privately held Canadian based company dedicated to the development and financing of renewable energy projects. Through acquisitions, partnerships and joint ventures, SPC seeks to provide its shareholders with exposure to the power generation sector. SPC is managed by SPCLP, of which Sprott Consulting LP, a business unit of Sprott Inc. (TSX:SII), is the sole limited partner. For more information on SPC, please visit www.sprottpower.com.
With over $230 million under management, VentureLink Funds is a diverse group of retail venture capital funds. VentureLink Funds give investors access to dynamic industries like alternative energy as well as to well-diversified portfolios of established companies operating in traditional industries such as financial, manufacturing and service industries.
For more information, please visit: www.venturelinkfunds.com.
SOURCE VENTURELINK FUNDS
For further information: For further information: John Varghese, Managing Partner, VentureLink LP, (416) 681-6371