Renewable Energy Developers Inc. Completes the Acquisition of 50 MW of Ontario
Contracted Wind Projects
TORONTO, Aug. 20, 2013 /CNW/ - Renewable Energy Developers Inc. (TSX: RDZ)
(TSX: RDZ.DB) ("ReD" or "the Company"), a developer, owner and operator of
renewable energy projects, is pleased to announce the closing of the
acquisition by affiliates of ReD of four contracted Ontario wind projects (the
"Projects"), representing gross capacity of 50 megawatts ("MW") from
affiliates of Wind Works Power Corp. ("WWPC").
ReD and its financial partner provided secured loans to the Projects during
2012. ReD has co-developed the Projects for the past 14 months with WWPC and
has submitted all projects for Renewable Energy Approvals in 2013. It is
expected that ReD and its financial partner will each hold a 50% ownership
interest in the Projects once they are completed and will equally fund the
project construction costs in 2014.
"I am very pleased to complete this transaction and increase our contracted
development pipeline of projects," said Mr. Jeff Jenner, President and CEO of
ReD. "With the strength of our financial partner and the proposed
arrangement with Capstone Infrastructure, these development projects will be
fully supported as they move into construction and operation."
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 3, 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 does not assume any obligation to
update or revise it to reflect new events or circumstances, except as required
SOURCE Renewable Energy Developers Inc.
Jeff Jenner, CA, CBV President and Chief Executive Officer Renewable Energy
Developers Inc. (647) 476 7580 firstname.lastname@example.org
Ross Marshall Investor Relations (416) 815 0700 ext. 238
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