VANCOUVER, BC – Swift Power Corp. (“Swift Power” or the “Company”) is pleased to announce that today it has been awarded a long term Electricity Purchase Agreement (EPA) with BC Hydro for the Dasque Cluster hydroelectric project. The 20 MW project is located 25 km southwest of Terrace, BC, and is planned to be in operation by late 2012, pending receipt of necessary regulatory approvals and financing.
Swift Power President and CEO Alexi Zawadzki said, “Swift Power is very excited about reaching this crucial milestone. BC Hydro has recognized that we have a highly competitive project backed by a talented team of professionals. We look forward to helping the province achieve its climate change goals and its mandate of energy self- sufficiency by generating reliable, clean energy from the Dasque Cluster Facility.”
Following execution of the EPA, BC Hydro will submit it to the British Columbia Utilities Commission for its review. The Company will be posting the necessary performance securities for both the BC Hydro EPA and the BCTC Interconnection Agreement according to the required schedule. In the coming months, Swift Power will finalize the selection of an engineering consultancy to proceed with detailed engineering of the Dasque Cluster Project, and select a construction contractor. In the meantime, the company is pursuing options for both debt and equity financing in light of this award.
Swift Power is a Vancouver BC-based development-stage, independent, run-of-river hydroelectric power company. Swift Power’s business is to develop renewable power projects in BC and potentially in other provinces of Canada and internationally. Swift Power has rights to nine water licence applications filed with the British Columbia government regarding several sites on various creeks in BC. Additional information about Swift Power is on its website at www.swiftpower.ca.
For further information please contact:
Swift Power Corp.
Alexi Zawadzki
President and CEO
Tel: 604-637-6393
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