Canadian Hydro's Pingston Hydroelectric Plant Achieves Commercial Operations
Monday May 12
CALGARY, ALBERTA--Canadian Hydro Developers, Inc. today announced that on May 8, 2003, the 30 MW Pingston Hydroelectric Plant became commercially operational. The Pingston Hydroelectric Plant is located near Revelstoke, B.C. and is owned 50% and operated by Canadian Hydro. The power and green attributes from this plant are sold for 20 years to BC Hydro. "Pingston represents a significant achievement for the Company and will generate predictable, long-term stable cash flow," said John Keating, Chief Executive Officer.
The Company anticipates commencing construction on the 15 MW (7.5 MW net to the Company's interest) Pingston Expansion Hydroelectric Project in Q2 or Q3 2003, once regulatory approvals and debt financing have been obtained. This $4.3 million (net) project involves the installation of a third 15 MW turbine, expansion to the powerhouse, and 600 metres of buried penstock adjacent to the existing 30 MW (15 MW net) Pingston Hydroelectric Plant. Start-up of this expansion is expected at the beginning of Q2 2004. The power and green attributes from the project are sold to BC Hydro for 20 years. The Company is currently arranging for project debt financing for its share of the costs of construction.
Canadian Hydro is a developer, owner and operator of ten "run of river" hydroelectric plants, three wind plants and one natural gas-fired plant, totalling 103.9 MW net to the Company's interest. In addition, other projects in excess of 215 MW are in various stages of permitting for construction in the next five years.
All of the Company's plants and projects are located in British Columbia, Alberta, and Ontario. Canadian Hydro's wind and water plants are certified under the EcoLogo® program. All of the Company's future projects, including the Grande Prairie EcoPower(TM) Centre, Pingston Expansion and Upper Mamquam Hydroelectric Projects are slated for certification as low-impact renewable energy facilities.
Canadian Hydro Developers, Inc. is committed to the concept of low-impact power generation. Through its wind and run-of-river hydro facilities, Canadian Hydro is demonstrating that commitment to the benefit of the environment and its shareholders. |
