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Schneider Power Inc.: Schneider Power Sells Grand Valley Wind Farms to Greta Energy

  //house-home.news-articles.net/content/2009/08/1 .. lls-grand-valley-wind-farms-to-greta-energy.html
  Published in House and Home on Tuesday, August 18th 2009 at 13:13 GMT by Market Wire
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TORONTO, ONTARIO--(Marketwire - Aug. 18, 2009) - Schneider Power Inc. (TSX VENTURE:SNE) announced today that its joint-venture subsidiary 2204926 Ontario Limited (the "Company")has sold Grand Valley Wind Farms Inc. to Greta Energy Inc. Pursuant to the definitive transaction agreements the Company has retained a 10% and a 20% retained interest in the cash flows of the 22 MW first phase and 28 MW second phase, respectively, and can earn milestone-based development fees of up to $5.2 million dollars. Greta Energy will be responsible for financing and constructing the projects, with continued development assistance from the Company.

Schneider purchased Grand Valley Wind Farms Inc. in May 2009 from its parent company, EarthFirst Canada Inc., in partnership with Lands End Corporation, the original developer of the project. Grand Valley Wind Farms holds three Ontario RESOP contracts for a total of 22 Megawatts of fully-permitted capacity, with an additional 28 MWs of capacity anticipated to be developed under the new Ontario Feed-in Tariff Program. Schneider Power currently holds a 66% ownership in the Company with Lands End Corporation retaining a 34% interest.

"We are excited to be working with a new partner to bring these projects to the finish line," said Jonathan Lundy, Schneider Power's CEO. "Greta Energy has a wealth of wind energy experience in Europe, and we are very pleased that they are making Grand Valley their first investment in Canada."

Iouri Stepanov, Greta Energy's CEO, also noted, "We are looking forward to working with Schneider Power and their accomplished development team as we expand our renewable portfolio into North America."

Greta Energy Inc. is a private Canadian corporation founded in 2004 with headquarters in Toronto. It specializes in the research, development and financing of renewable energy, represented mainly by wind and hydro projects. It has five satellite offices in Estonia, Russia, Bosnia and Herzegovina, and Vietnam.

Schneider Power Inc. is one of Canada's premier renewable energy companies, with a large portfolio of clean electricity generation development projects and advanced exploration projects located across two continents, and large land positions on the most promising and prospective wind and solar power areas in North America.

Schneider Power is listed on the TSX Venture Exchange under the symbol SNE.