Schneider Power completes financing arrangement for wind power development
TORONTO, ONT-Schneider Power has completed its first round of flow-through private placement for the development of a wind farm near Providence Bay on Manitoulin Island. Proceeds of the offering will fund the cost of development and construction of test wind turbines to qualify as Canadian Renewable and Conservation Expense (CRCE) under the federal Income Tax Act. After a 120-day testing period, the company will complete the installation of ten additional in-fill wind turbines using construction debt financing. "Providence Bay is a 20-megawatt, low-impact wind energy project," said PPresident and CEO Thomas Schneider, adding that "the electricity generated at the wind farm will be sold under long-term power purchase agreements to Ontario utilities." Toronto-based investment dealer Dominick & Dominick Securities led Ontario's first wind private placement. Schneider Power is a privately owned Canadian wind power developer with more than over 110 years of experience in developing clean, renewable energy. The company is a member of the United Nations Global Compact. More information is available from Thomas Schneider, 416/214-9006, Web site www.schneiderpower.com.