Creststreet Power & Income Fund LP Confirms May Distribution
TORONTO (May 18, 2006) – Creststreet Power & Income Fund LP (the “Partnership”) (CRS.UN: TSX) confirmed today the cash distribution of $0.0627 per unit to be paid on June 15, 2006, in respect of May production, to unitholders of record at the close of business on May 31, 2006. The ex-distribution date is May 29, 2006.
As previously disclosed in the Partnership’s May 5, 2006, news release, the Board of Directors of the Partnership has revised its distribution policy to reduce monthly distributions to $0.0542 per unit effective June 2006, to remain prudent in managing liquidity.
About Creststreet Power & Income Fund LP
Creststreet Power & Income Fund LP operates renewable energy projects in Canada. The Partnership currently owns and operates two wind energy projects with a total of 84.6 megawatts (MW) of power generating capacity. Mount Copper Wind Power Energy Inc. (“Mount Copper”) operates a wind energy facility located near Murdochville, Québec, with a nameplate capacity of 54.0 megawatts, and Pubnico Point Wind Farm Inc. (“Pubnico Point”) operates a wind energy facility at Pubnico Point, Nova Scotia, with a nameplate capacity of 30.6 megawatts. All electricity generated by Mount Copper is being sold pursuant to a 21-year power purchase agreement with Hydro-Québec and all electricity generated by Pubnico Point is being sold pursuant to a 15-year power purchase agreement with Nova Scotia Power Inc.
As additional wind power projects are developed by Creststreet Capital Corporation, the Partnership expects that it can provide an attractive liquidity option to those projects while increasing distributions and enhancing the diversification of the Partnership. The Partnership will also review additional investments in other power projects that can provide stable distributions and further diversification. |
