PRESS RELEASE: Refinancing of Canadian Wind Farms and New Turbine Orders from GE, June 30, 2008
REG Announcement, December 27, 2006
REG Aquisition of AIM POWERGEN, August 1, 2006
Ontario's Largest Wind Farm Officially Opens, May 13, 2006
First Turbines Erected at the Erie Shores Wind Farm Site, February 3, 2006
AIM PowerGen Commissions Projects Under Ontario’s
Renewable Energy Standard Offer ProgramFrogmore and Cultus Wind Farms reach commercial operation
For Immediate Release
Toronto, Canada (July 25, 2008) – AIM PowerGen Corp. (AIM) announced today the commissioning of the Frogmore and Cultus wind farms. The projects, developed under Ontario’s Renewable Energy Standard Offer Program, each have a total installed capacity of 9.9 megawatts (MW) and will produce enough power to supply 3,000 average households for one year.
AIM PowerGen CEO Mike Crawley commented that these projects are among the first to be built under the Standard Offer Program. “We are pleased that Frogmore and Cultus wind farms are now on-line and providing clean, renewable energy to the province. The Standard Offer program was a ground-breaking initiative for the province and has allowed smaller projects such as these to be competitive and developed to support Ontario’s evolving energy system.”
The wind farms, located in Norfolk County on the northern shore of Lake Erie, are each comprised of six Vestas V82 1.65 MW turbines. Six landowners are hosting the 12 turbines on their property. “Many of these turbines are hosted by landowners that we approached over six years ago. These people embraced Ontario’s energy revolution very early on and acted as pioneers in making this a reality”, says Jim Wilgar, project manager and site consultant on the projects, “We are happy that our dream and their vision has now become a reality.”
These are the first of four projects that AIM expects to commission in Ontario this summer. The Clear Creek Wind Farm, also in Norfolk County and the Mohawk Point Wind Farm, in Haldimand County, are expected to come on-line later this year. Construction on these wind farms is complete and AIM is finalizing interconnection issues with the local distribution company prior to commercial operation.
AIM PowerGen Corporation (AIM) is a wind power developer, owner and operator based in Toronto, Ontario. AIM takes wind power projects from initial concept through testing and permitting to construction and operation. Founded in 2001, AIM has quickly grown to become one of Canada's largest wind power developers. AIM is a subsidiary of REG Ltd. (Renewable Energy Generation) of the United Kingdom.
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For more information, please contact:
David Timm
Vice President, Strategic Affairs 416-502-0993 ext. 234
AIM PowerGen Corporation 647-519-8466 (cell)
dtimm@aimpowergen.com
PRESS RELEASE: 30 June 2008
Renewable Energy Generation Limited ("REG" or the "Group")
REFINANCING OF CANADIAN WIND FARMS AND NEW TURBINE ORDERS FROM GE
Renewable Energy Generation Limited (AIM: RWE), the international renewable energy group, today announces a refinancing in Canada and a new turbine order.Refinancing
REG has refinanced its first four Canadian wind farms, totalling 39.6MW in capacity and constructed under the Ontario provincial Standard Offer Programme ("SOP"). The Can$75 million non-recourse refinancing has a 20 year amortisation period with a 15 year term.
REG has received Can$33 million from the refinancing, with the balance due in early July and August when the Mohawk Point and Clear Creek wind farms are expected to be connected. Approximately Can$4.5 million of the facility will be payable subject to satisfactory performance of the four wind farms over their first twelve months of operation.
Turbine supply agreement with GE
REG has signed a turbine supply agreement with GE for 24 of its 1.5MW SLE turbines, which will be deployed on four new SOP sites scheduled to start construction during autumn 2009. Funds from the refinancing of its first four SOP projects will enable REG to equity finance these sites until they are operational, whereupon they will be refinanced with long-term debt.
Commenting on developments, Andrew Whalley, Chief Executive Officer of REG, said:
"These are amongst the first projects to be built under the Standard Offer Programme. The 9.9MW Cultus and Frogmore sites are now operating at full capacity, with Mohawk and Clear Creek scheduled to come on line over the next few weeks.
"The refinancing is a testament to the continuing appeal of operating wind projects deriving their income from sound, long term PPAs. The funds released from the refinancing will enable REG to continue its build-out programme, both in Canada and the UK, and the turbine supply agreement with GE further expands our SOP construction programme into next year".
ENDS
Contacts:
Renewable Energy Generation Limited Tel: +44 (0)14 8340 0444
Andrew Whalley, Chief Executive Officer
David Crockford, Finance Director
Numis Securities Limited (Nomad for REG) Tel: +44 (0)20 7260 1000
Charles Farquhar, Anthony Richardson, Jag Mundi
Hogarth Partnership Tel: +44 (0)20 7357 9477Julian Walker, Sarah MacLeod, Vicky Watkins
Notes to Editors:Renewable Energy Generation Ltd (REG) is a world-leading renewable energy group. The Group's main business is the development, construction and operation of wind farms in the UK and Canada. It also generates power from refined used cooking oil in the UK.
The Cornwall Light & Power Co. Ltd: based in Cornwall, UK, it currently operates five wind projects in Cornwall, County Durham, Cumbria and Gwynedd, with a total capacity of 17.7MW and has a development pipeline of around 200MW.
AIM PowerGen Corporation: based in Toronto, Canada, AIM PowerGen Corporation is one of Canada's largest independent wind developers and has a pipeline of over 4,000MW of potential wind projects across seven provinces.
REG Bio-Power UK Ltd: based in Norfolk, UK, it operates electricity generation plant fuelled by refined used cooking oil.
Headquartered in Guernsey, REG was admitted to trading on AIM, a market operated by the London Stock Exchange, in May 2005 (AIM:RWE).
www.renewableenergygeneration.co.uk
This information is provided by RNSThe company news service from the London Stock ExchangeEND
REG Announcements
December 27th 2006
Signing of turbine supply agreements for Canadian wind projectsRenewable Energy Generation (“REG”), the AIM-listed investor in renewable energy projects, announces that it has signed turbine supply and associated service and warranty agreements with Vestas Canadian Wind Technology Inc (“Vestas Canada”). Vestas Canada will supply twenty-four V82-1.65MW turbines with delivery expected to commence in Autumn 2007. Turbine commissioning will commence in Autumn 2007 and end in Spring 2008.
The turbines will be deployed on the first four projects being developed by REG’s Canadian subsidiary, AIM PowerGen Corporation, under the Standard Offer Programme in Ontario. This allows REG to commence building 39.6MW of wind plant, representing an approximate total project cost of £40m. AIM PowerGen is also in discussion with Vestas Canadaabout further turbines for delivery in 2008, to supply additional projects in Canada.
For further information please contact:
Andrew Whalley, RPM 01483-400444 or 07717 508562
Nigel McManus RPM 01483-400444 or 07990 517775
News Release, August 1st, 2006
Renewable Energy Generation Limited Acquisition of AIM PowerGen Corporation Gives Canadian Wind Power Developer Financial Clout
Toronto - Renewable Energy Generation Limited (“REG”) the London Stock Exchange Alternative Investment Market listed corporation with wind projects in Poland and the UK today announced its acquisition of AIM PowerGen Corporation (“AIM”), a leading Canadian wind developer. The strategic acquisition will give AIM access to capital markets which are critical to take advantage of opportunities in the fast growing Canadian wind energy market place.
“AIM is one of the most successful wind developers in Canada and we are thrilled that they have accepted REG’s offer to work with us to develop our international business,” said REG Chairman Mike Liston. “With the experienced development team at AIM combined with the support of the REG team in both the UK and Canada, we expect to be at the forefront as Canada develops its huge wind resources.” AIM is a private Canadian windfarm developer, founded in 2001 and based in Toronto, Ontario. The Company already has over 2,600 MW of Canadian wind projects in various stages of development in the provinces of Ontario, Manitoba, Saskatchewan, Alberta, Newfoundland, Labrador and Prince Edward Island. “AIM has assembled an outstanding portfolio of assets over the last five years and we are delighted to be able to work with the REG team to develop these projects,” said AIM President and CEO Mike Crawley. “AIM can now also offer partnering opportunities to the many wind power developers who are looking for a strategic partner of their own. REG brings significant international experience and know how, as well as capital.” AIM has recently developed the 99 MW Erie Shores Wind Farm - Ontario’s largest wind farm to date and one of the largest in Canada. Under the terms of the agreement REG will acquire AIM for $29.1M Cdn. AIM will continue to operate under its current name in Canada and AIM’s senior management team including its President and CEO, Mike Crawley, will continue in their current roles. Canada recently celebrated the achievement of its first 1,000 MW of installed wind capacity. According to the Canadian Wind Energy Association (“CanWEA”), this is expected to grow to over 9,000 MW by 2015. REG regards Canada as a strategic market for the continued growth and diversification of its portfolio of wind farms. The transaction is expected to close August 3rd, 2006.
For more information or for interview opportunities with Andrew Whalley, CEO of REG Power
Management or Mike Crawley, President and CEO of AIM, please contact:
Pierre Leduc, 613 241-6000 x 235
Barbara Campbell, 416 360-6183 x 223
ONTARIO’S LARGEST WIND FARM OFFICIALLY OPENS
TORONTO, Ontario, April 13, 2006
Ontario Energy Minister Donna Cansfield today joined the owner and developers of the $186 million Erie Shores Wind Farm for the Official Opening of Ontario’s Largest Wind Farm. During her address, Cansfield said Ontario had a wind generation capacity of 15 MW in 2003. By 2008, that number will jump to over 1,300 MW and put the province in first place for wind generation in the country. That compares to the seventh place in that capacity in 2003. Erie Shores is one of the 19 projects the government contracted to generate 1,370 MW of renewable energy. “All these projects will help us meet our target of generating five per cent of Ontario’s total energy capacity from new renewable sources by 2007, and 10 per cent by 2010. And they will pay huge dividends to the economy and the quality of our air,” said Cansfield. The Erie Shores Wind Farm was developed by AIM PowerGen Corporation and is owned by Clean Power Income Fund (www.cleanpowerincomefund.com) a leading North American renewable power income fund with diversified renewable projects across North America.
The Wind Farm will generate 99 megawatts of electricity from 66 turbines stretched along 29 kilometres of the northern shoreline of Lake Erie between Copenhagen and Clear Creek, Ontario. More than 25 landowners are hosting the 66 turbines on their properties. “This isn’t AIM’s project. It isn’t Clean Power’s project,” said Mike Crawley, President and CEO of AIM. “Everybody here has had a role in making this happen.” “First and foremost among those who had courage to act was the farmers,” he said. “They saw not only can our land provide food to people – which is a big commitment in itself – they saw the ability to contribute to providing renewable power.”
“It’s hard to believe that the construction is completed. We have worked hard to get to this point and to see
what started out as a dream become reality is very rewarding. This was AIM’s first project and we plan on
repeating its success throughout Ontario and Canada.” said Jay Wilgar, Vice President of Field Operations
and co-founder of AIM PowerGen Corporation. AIM is currently developing other projects throughout Ontario, Newfoundland, Manitoba, Saskatchewan and Alberta. To learn more about AIM and our projects please visit our web site.
For further information please contact:
Mike Crawley
President/CEO
AIM POWERGEN CORPORATION
416-502-0993 Ext. 224
416-277-4639 (cell)
For more information or for interview opportunities with Andrew Whalley, CEO of REG Power Management or
Mike Crawley, President and CEO of AIM, please contact:
Pierre Leduc, 613 241-6000 x 235
Barbara Campbell, 416 360-6183 x 223
FIRST TURBINES ERECTED AT THE ERIE SHORES WIND FARM SITE TORONTO
Ontario, February 3, 2006
AIM PowerGen Corporation (‘AIM’), a major Canadian
developer of wind power projects, is pleased to announce that the first tranche of wind turbines have been
installed at the Erie Shores Wind Farm site along the north shore of Lake Erie. The Erie Shores Wind Farm was developed by AIM and is owned and financed by Clean Power Income Fund
(www.cleanpowerincomefund.com) a leading North American renewable power income fund with diversified renewable projects across North America. “This is a historic moment for AIM as we are successfully completing the next stage of this development”, said Mike Crawley, President and CEO of AIM PowerGen Corporation. “This project was one of the first projects to be developed in Ontario and the successful development, bid award, financial close and construction is a testament to the team at AIM.”
Financing for the project was closed in June, 2005 and the entire construction process will take less than a
year. There will be a total of 66 GE Energy turbines installed and the project will produce enough electricity to meet the needs of 30,000 Ontario households when construction is completed. “It is very rewarding and exciting to see the turbines going up. I can’t believe we’re finally at this stage”, said Jay Wilgar, Vice President of Field Operations and co-founder of AIM PowerGen Corporation. Pictures of the turbines can be viewed on AIM’s web site at www.aimpowergen.com. AIM is currently developing other projects throughout Ontario, Newfoundland, Manitoba, Saskatchewan and Alberta. To learn more about AIM and our projects please visit our web site.
For further information please contact:Mike Crawley
PRESIDENT/CEO
AIM POWERGEN CORPORATION
416-502-0993 Ext. 224
416-277-4639 (cell)Mike Crawley
President/CEO
AIM POWERGEN CORPORATION
416-502-0993 Ext. 224For more information or for interview opportunities with Andrew Whalley, CEO of REG Power Management or
Mike Crawley, President and CEO of AIM, please contact:
Pierre Leduc, 613 241-6000 x 235
Barbara Campbell, 416 360-6183 x 223
