NEWS RELEASE
Jupiter Power Announces Execution of 15MW Power supply agreement for phonm penh, cambodia
November 30, 1999.
Jupiter Power International Inc. announced today that its operating company in Cambodia has executed a power purchase agreement with the central power authority in Cambodia under which Jupiter Power will build, install and operate a 15MW Caterpillar power plant to be located in the City of Phnom Penh.
It is expected that commercial operation of the plant will begin in June, 2000. The design for this new plant
continues to utilize the self-contained, all modular design successfully employed by Jupiter Power in its Battambang plant. Electric power will be generated by electronically controlled Caterpillar 3516HD engine-generator sets. As a consequence of minimum consumption commitments in this agreement, Jupiter anticipates a material increase in corporate revenues after this plant is in operation.
Management of Jupiter Power is extremely enthusiastic about the completion of this transaction. According to David M. Lewis, Jupiter?s President, "The execution of this 15MW Phnom Penh agreement moves Jupiter Power to a new level as an independent power producer, and establishes our company as solid competitor in the international power supply market."
Jupiter Power was created as a joint venture between Jupiter Power International Inc. of Calgary, Alberta, Canada and Caterpillar Power Ventures International, Ltd. of Bermuda. The aim of the joint venture is to pursue investments in small (2 to 20 megawatts) power projects in developed as well as developing regions of the world. Initial focus is on opportunities in Canada and developing nations in Asia and Africa. Jupiter Power operates in Cambodia through its wholly owned subsidiary, Jupiter Power (Cambodia) Co., Ltd. which has, in addition to the Phnom Penh facility, three other power plants operating in that country.
The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.
For further information please contact:
Jupiter Power International Inc.: David M. Lewis or David E.T. Pinkman at (403) 269-9100, David Eaton at 1-800-861-6068 or by e-mail to: jpp_int@telusplanet.net.
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Visit the Jupiter website at www.jupiterpower.com |
