Sprott Power Corp. Announces Proposed Partnership with Batchewana First Nation
for its Goulais 25 MW Wind Farm
-- Significant relationship with Batchewana First Nation advances
the Goulais Wind Project
-- First Nation funding sources would reduce Sprott Power's
capital requirements for the project and enhances project
-- The proposed partnership is mutually beneficial by providing
investment and other opportunities to the Batchewana First
Nation and its members while being accretive to shareholders of
TORONTO, June 4, 2013 /CNW/ - Sprott Power Corp. (TSX: SPZ) ("Sprott Power" or
"the Company"), an owner, operator and developer of renewable energy projects,
today announced that it has executed a term sheet with the Batchewana First
Nation that would provide Batchewana First Nation with a 49% partnership
interest in the 25 MW Goulais Wind Farm located just north of Sault Ste Marie,
Ontario. The proposed partnership and business relationship are subject to
negotiation of final legal documentation.
The Goulais Wind Farm is a 25-megawatt renewable energy project that will be
built along the Mile Hill approximately two kilometers from the end of the
current Prince Wind Farm operation in Ontario. Sprott Power, through a
subsidiary, has a 20-year Feed-in-Tariff contract with the Ontario Power
Authority for the generation of power. It is expected that the Goulais Wind
Farm will begin construction in the fall of 2013 and will be operational next
"The addition of the Goulais Wind Farm to the original reserve will provide
enhanced opportunities for the First Nation through income-generation,
employment and training opportunities as well as business opportunities for
Batchewana companies who can provide construction services," said Chief Dean
Sayers of the Batchewana First Nation.
"We are very pleased to enter the business relationship with the Batchewana
First Nation. Once the arrangements are put in place, we will have a
significant and influential local partner for the project while enhancing the
value for our shareholders," stated Jeff Jenner, President and CEO of Sprott
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 is 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 Revised Annual
Information Form dated April 2, 2013. 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.
Jeff Jenner, CA, CBV President and Chief Executive Officer Sprott Power Corp.
Ross Marshall Investor Relations (416) 815 0700 ext. 238
SOURCE: Sprott Power Corp.
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-0- Jun/04/2013 22:45 GMT
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