RES Canada to Sell Minority Ownership Interest in Saint-Laurent Energies Consortium Projects

MONTREAL, Feb. 8, 2011 /PRNewswire/ -- Today Renewable Energy Systems Canada Inc. ("RES Canada"), an affiliate of RES Americas, announced that it has entered into an agreement with EDF EN Canada Inc. for the purchase, by EDF EN Canada Inc., of its minority ownership interest in seven jointly owned projects, totaling 1003.2 MW managed by their affiliate Saint-Laurent Energies Inc. The closing of the transaction is subject to customary conditions precedent and is expected to occur in the near future.

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RES Canada and EDF EN Canada Inc. joined forces in April 2007, assembling their Quebec wind portfolios for participation in the Hydro-Quebec 2000MW tender, including 224MW of RES Canada-originated projects.  The combined portfolio was ultimately successful in the tender, signing 954MW of Power Purchase Agreements in June 2008. The projects' favourable economics were confirmed in November 2009, and RES Canada and EDF EN jointly concluded a Framework Agreement for turbine supply with German turbine manufacturer REpower Systems A.G.  The development teams of RES Canada and EDF EN Canada Inc., and later through their affiliate Saint-Laurent Energies Inc. (SLE), successfully developed the projects to the point that 380MW of the projects are expected to commence construction this year.

Hydro-Quebec awarded RES Canada and EDF EN Canada Inc. a further 49.2MW of projects in December 2010 in the utility's municipal tender.

"EDF EN Canada Inc. is pleased to acquire the remaining shares in Saint-Laurent Energies Inc. and its assets under management in Quebec. We appreciate the partnership with RES Canada and collaboration of expertise to move these valuable projects forward," said Al Kurzenhauser, Vice President of EDF EN Canada Inc. "As we prepare to enter the construction phase of the first project, we look forward to this opportunity to deploy our capital as the long term owner."

"Together, RES Canada and EDF EN Canada Inc. delivered competitive wind energy projects to the Quebec market. We are rightly proud of this result," said Peter Clibbon, Vice President of RES Canada.  "RES Canada will continue to develop and construct wind projects in Quebec and the rest of Canada, supporting the governments' goal to develop a robust wind energy industry and supply chain."

RES Canada's full range of in-house abilities and strength of its development and construction teams are unique in the Canadian wind industry. RES Canada, with its strong track record of success, will continue to bring clean and sustainable renewable energy to Quebec and other Canadian provinces.  

Renewable Energy Systems Canada Inc. (RES Canada) was founded in 2003 and is based in Montreal, Quebec. RES Canada is active with the development and construction services in most Canadian provinces.  In 2009, RES Canada completed development on two 99MW projects in Ontario and partnered with Enbridge Inc to enable the construction of these projects. The Talbot Wind Energy project, near Chatham, Ontario, was completed in December 2010 and the Greenwich Wind Energy Project, near Thunder Bay, is expected to reach substantial completion in late 2011. RES Canada has a substantial pipeline of projects in development. RES Canada is part of the RES Group, a leading international renewable energy developer. For more information on RES Canada, please visit www.res-americas.com.  

Renewable Energy Systems Americas Inc. (RES Americas), is a fully-integrated renewable energy company that develops, constructs, owns, and operates projects across North America.  RES Americas' corporate office is located in Broomfield, CO with regional offices located in Austin, TX; Portland, OR; Minneapolis, MN. Canadian projects are managed from Montreal, Quebec, by its affiliate, RES Canada.  RES Americas has constructed or has under construction more than 5,000MW, which represent approximately 10 percent of the operating installed wind capacity in the U.S., and has approximately 10,000 MW in development. RES Americas is part of the RES Group, a leading international renewable energy developer.  For more information on RES Americas, please visit www.res-americas.com.

SOURCE Renewable Energy Systems Canada Inc.