TORONTO, ONTARIO--(Marketwire - Feb. 17, 2009) - Schneider Power Inc. (TSX VENTURE:SNE) announced today that it has signed a Letter of Intent with Emera Inc. (TSX:EMA) to jointly pursue renewable energy projects in the Bahamas via the Bahamas Renewable Energy Corporation Ltd. ("BREC").
The Letter of Intent outlines a partnership between Emera and Schneider Power that will allow both companies to collaborate on at least three projects that have been offered through the Bahamas Electricity Company's (BEC) Request for Proposals for Renewable Energy Projects. The Projects are short-listed by BEC and are located in New Providence, Abaco, and Harbour Island and total over 24 MW of capacity.
"This is a major step in establishing BREC as a true player in renewable energy in the Caribbean," said Thomas Schneider, Chairman of BREC and President of Schneider Power. "We are excited to have Emera as our financial and development partner as we pursue renewable energy projects in this region."
Wayne Crawley, Vice President Corporate Development of Emera added; "We look forward to working with BREC and their local partners to support BEC's renewable energy program. This is an important economic energy source for the Bahamas".
Schneider Power owns a controlling interest in BREC which is a joint-venture with Nassau based Winso Company Ltd. to develop renewable energy projects in the Commonwealth of the Bahamas. Emera owns 25% of Grand Bahama Power Company through their 50% ownership of ICD Utilities Ltd. and is actively pursuing additional opportunities in the Bahamas.
Forward Looking Information
This news release contains forward looking information. Actual future results may differ materially. Additional financial and operational information is filed electronically with various securities commissions in Canada through the System for Electronic Document Analysis and Retrieval (SEDAR).
About Schneider Power
Schneider Power Inc. (TSX VENTURE:SNE) 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. Visit us on the web at www.schneiderpower.com.
Schneider Power is listed on the TSX Venture Exchange under the symbol SNE.
Emera Inc. (TSX:EMA) is an energy and services company with $4.8 billion in assets. Electricity is Emera's core business. The company has two wholly-owned regulated electric utility subsidiaries, Nova Scotia Power Inc. and Bangor Hydro-Electric Company, which together serve 600,000 customers. Emera also owns 19% of St. Lucia Electricity Services Limited, which serves more than 50,000 customers on the Caribbean island of St. Lucia and 25% of Grand Bahama Power Company which serves 19,000 customers on the Caribbean island of Grand Bahama. In addition to its electric utility investments, Emera has a joint venture interest in Bear Swamp, a 600 megawatt pumped storage hydro-electric facility in northern Massachusetts; a 12.9% interest in the Maritimes & Northeast Pipeline; a 7.4% interest in Open Hydro and Emera Energy Services which manages energy assets on behalf of third parties. Visit Emera on the web at www.emera.com.
For more information, please contact
Schneider Power Inc.
Chief Executive Officer
(416) 847-3724 x234