EverPower Secures $55 Million in Financing Commitment From Good Energies

Oct 02, 2007, 01:00 ET from EverPower Renewables Corp.

    NEW YORK, Oct. 2 /PRNewswire/ -- EverPower Renewables Corp.
 ("EverPower"), a developer of utility-grade wind projects, today announced
 that it has closed a $55 million financing commitment from Good Energies, a
 leading investor in the renewable energy industry. The investment will
 support the development of EverPower's existing portfolio of wind
 construction projects, help it expand its pipeline of new projects and
 maintain the company's strong growth momentum. Management will maintain a
 majority position in EverPower.
     EverPower is currently developing more than 1.5GW of projects in seven
 states. A portion of the proceeds from this investment will be utilized to
 secure turbines for EverPower's Pennsylvania and New York projects totaling
 130 megawatts. Construction of these projects is expected to commence next
 year. The funding will also be used to advance development of six
 additional projects in Pennsylvania and New York State where EverPower has
 traditionally concentrated its development activities. EverPower has
 furthermore announced that it will be opening a development office in
 Portland, Oregon early next year to oversee the development of several
 projects in Oregon and Washington State.
     EverPower, which was founded in 2002, has traditionally focused its
 Greenfield development activities in Pennsylvania-Jersey-Maryland and New
 York Independent System Operators. Recently, it has expanded into the
 Pacific Northwest and the Mid-Atlantic regions of the United States.
 Earlier this month, EverPower was awarded a $3 million grant by the Ohio
 Department of Energy for a large project that the company is developing in
 central Ohio.
     "We are pleased to have Good Energies as our partner at this very
 critical stage of our development," said Jim Spencer, EverPower's founder
 and managing director. "We manage risk by understanding all facets of our
 projects, and that is difficult to do if one is not a true Greenfield
 developer. Greenfield development is the key to value creation and that is
 what we like to do."
     "EverPower has built a strong portfolio of wind projects across the
 United States and one of the top teams in the wind development space," said
 Jean- Louis Brenninkmeijer, a managing director at Good Energies and a
 seasoned investor in the wind development industry. "We look forward to
 working with the EverPower team to build a leading North American wind
 project developer."
     About Good Energies:
     Good Energies (www.goodenergies.com) is a leading investor in the
 renewable energy industry, managing the renewable energies portfolio of the
 COFRA Group, a privately owned group of companies. The current market
 capitalization of its portfolio is more than $5.5 billion. Good Energies
 places its emphasis on the interrelated business areas of solar energy,
 wind energy, load management and green buildings. Good Energies operates
 globally with offices in London, New York, Toronto, Washington D.C., and
 Zug. The company invests in all life cycles of companies and pursues a
 long-term investment approach. Good Energies is guided by the 3-P-principle
 (3-Ps): people-planet-profit; being an investment firm it also aims to
 accelerate energy transition and strives to alleviate poverty by improving
 access to affordable renewable energy.
     About EverPower Renewables:
     EverPower Renewables (www.everpower.com) is a New York based developer
 of utility grade wind projects. The Company seeks to identify or acquire
 early stage development opportunities in the Northeastern and Mid Atlantic
 Regions of the United States and in other select locations where EverPower
 believes there is a strong strategic and investment rationale for pursuing
 project opportunities.
     EverPower is primarily a green field developer. By identifying and
 developing project sites from early stages EverPower seeks to manage the
 inherent risks of project development and maximize value in the process.

SOURCE EverPower Renewables Corp.