Renewable Energy Developers Inc. Enters into Agreement to Acquire Ontario Wind
TORONTO, July 15, 2013 /CNW/ - Renewable Energy Developers Inc. (TSX:RDZ)
(TSX:RDZ.DB) ("ReD" or "the Company"), a developer, owner and operator of
renewable energy projects, today announced it has entered into a binding
agreement with Natenco, LLC to acquire the Ontario wind project known as Grey
Highlands Clean Energy. The project is located in Grey County, Ontario, has a
20-year power purchase agreement with the Ontario Power Authority ("OPA"), and
represents up to 18.5 MW of capacity.
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 OPA and other third parties, and settlement of definitive
agreements. The Company has actively participated in development of the
project since January 2013 and will be providing additional development
funding prior to closing. The Company expects to complete the acquisition
and build and own the project with a financial partner.
About Renewable Energy Developers Inc.
ReD is dedicated to the development, ownership and operation of renewable
energy projects. Through project development efforts, acquisitions,
partnerships and joint ventures, ReD provides its shareholders with income and
growth from the renewable power generation sector of the energy industry. On
July 31, 2013 the Company announced it had entered into a definitive agreement
with Capstone Infrastructure Corporation (TSX: CSE; CSE.PR.A; CSE.DB.A -
"Capstone") whereby Capstone will acquire all the outstanding shares of ReD by
way of a share exchange, which will result in a larger infrastructure company
with power generation facilities across Canada totalling approximately net 465
megawatts of installed capacity, an attractive pipeline of contracted
development opportunities in Canada representing net 79 MW of capacity, and
international investments in regulated water and district heating businesses.
Certain information contained in this press release may constitute
"forward-looking information" which reflects the current expectations of ReD.
This information reflects ReD'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 ability of the
parties to settle on definitive agreements and meet conditions precedent, the
regulatory environment for developing renewable generation in Ontario as well
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 ReD
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 ReD Power does not assume any obligation to
update or revise it to reflect new events or circumstances, except as required
Jeff Jenner, CA, CBV President and Chief Executive Officer Renewable Energy
Developers Inc. Tel: (416) 943-6387 Email:firstname.lastname@example.org Ross Marshall
Investor Relations Tel: (416) 815 0700 ext. 238
SOURCE: Renewable Energy Developers Inc.
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-0- Jul/15/2013 11:00 GMT
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