TORONTO, ONTARIO--(Marketwire - Feb. 17, 2009) - Schneider Power Inc. (TSX VENTURE:SNE) announced today that it has signed a Letter of Intent with Emera Inc. (TSX:EMA) to jointly pursue renewable energy projects in the Bahamas via the Bahamas Renewable Energy Corporation Ltd. ("BREC").
The Letter of Intent outlines a partnership between Emera and Schneider Power that will allow both companies to collaborate on at least three projects that have been offered through the Bahamas Electricity Company's (BEC) Request for Proposals for Renewable Energy Projects. The Projects are short-listed by BEC and are located in New Providence, Abaco, and Harbour Island and total over 24 MW of capacity.
"This is a major step in establishing BREC as a true player in renewable energy in the Caribbean," said Thomas Schneider, Chairman of BREC and President of Schneider Power. "We are excited to have Emera as our financial and development partner as we pursue renewable energy projects in this region."
Wayne Crawley, Vice President Corporate Development of Emera added; "We look forward to working with BREC and their local partners to support BEC's renewable energy program. This is an important economic energy source for the Bahamas".
Schneider Power owns a controlling interest in BREC which is a joint-venture with Nassau based Winso Company Ltd. to develop renewable energy projects in the Commonwealth of the Bahamas. Emera owns 25% of Grand Bahama Power Company through their 50% ownership of ICD Utilities Ltd. and is actively pursuing additional opportunities in the Bahamas.
Tuesday, February 17, 2009
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