February 26, 2007

Mall owner signs green power deal with Bullfrog Power

Ivanhoe Cambridge has signed a three-year agreement with Bullfrog Power for the purchase of more than 11,000 megawatt-hours (MWh) of green power annually from Bullfrog Power. Terms call for Ivanhoe Cambridge to purchase green power to meet 30% of its electricity requirements for the common areas within 13 of its shopping centres across the province.

The transaction marks one of the largest commercial purchases of green power in Ontario's history, and positions Ivanhoe Cambridge in the top tier of green power buyers in Canada.

The clean, carbon-free power produced by Bullfrog's generators on behalf of Ivanhoe Cambridge will reduce carbon dioxide (CO2) emissions by almost 8,000 tonnes, nitrogen oxide (NOX) emissions by 6.5 tonnes and sulfur dioxide (SO2) emissions by 30 tonnes. As a result, the property management firm will help counter climate change and contribute to reducing smog.

The participating Ivanhoe Cambridge properties are Bayshore Shopping Centre, Burlington Mall, Conestoga Mall, Devonshire Mall, Dixie Outlet Mall, Downtown Chatham Centre, Lynden Park Mall, Mapleview Centre, Oakville Place, Oshawa Centre, Quinte Mall, Tecumseh Mall and Upper Canada Mall.

Based in Montreal, Ivanhoe Cambridge is a leading property owner, manager and developer, concentrating on high-quality urban shopping centres. The company is active in the U.S., Brazil, Europe and Asia as well as Canada.

Bullfrog Power is Ontario's only all-green electricity retailer, obtaining its energy exclusively from wind and low-impact hydro power producers in Ontario that meet or exceed the federal government's EcoLogo standard for renewable power. Since its launch in September 2005, the company has grown rapidly, signing up more than 2,000 residential customers and 150 commercial customers from across Ontario. In addition to Ivanhoe Cambridge, commercial customers include Wal-Mart Canada, Cadbury Adams, RBC Financial Group and Credit Union Central of Ontario.

Support from its customers is allowing Bullfrog Power to help bring new renewable power online, including two new turbines commissioned in 2006 to help meet customer demand.

In related activities, Bullfrog Power and Schneider Power, a Canadian owner and builder of renewable energy generation projects, have just commissioned two new wind turbines near Spring Bay on Manitoulin Island to meet the rapidly growing demand for green power in Ontario.

Together, the new Enercon E48 80-kilowatt (kw) turbines will produce approximately three million kilowatt-hours (kWh) of emission-free power annually, reducing greenhouse gas emissions by more than 2,100 tonnes in the first year alone.

Through a 20-year power purchase agreement between Schneider Power and Bullfrog, all of the power produced by the new turbines will be supplied to the Ontario grid on behalf of Bullfrog's customers.

More information is available from Jo Coombe at Bullfrog Power, 416/360-3464, ext 204, E-mail jocoombe@bullfrogpower.com, Web site www.bullfrogpower.com, or from Nancy Defoy, at Ivanhoe Cambridge, 514/841-7792, E-mail ndefoy@ivanhoecambridge.com, Web site www.ivanhoecambridge.com.

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