KNOB HILL WIND FARM - SEA BREEZE POSTS PERFORMANCE SECURITY
Monday, 03 May 2010
On March 31, 2010, Sea Breeze Power Corp. announced by news release the award from British Columbia Hydro and Power Authority (“BC Hydro”) of a 20-year Electricity Purchase Agreement for wind generated electricity produced at Sea Breeze Energy Inc.’s proposed Knob Hill Wind Farm (Phase 1 – 99 MW), located near the northern tip of Vancouver Island, British Columbia, Canada.
Sea Breeze Power Corp. is now pleased to report that full performance security has been provided to BC Hydro, as required by the Electricity Purchase Agreement. Funding for the performance security, as well as interim funding allocated for ongoing development of the Knob Hill Wind Farm, has been advanced as a loan to Sea Breeze Energy Inc. by a prospective majority partner in the Project.
The Knob Hill Wind Farm has enjoyed strong support from residents, government bodies and First Nations in the region, and Sea Breeze Energy Inc. is engaged in positive discussions towards finalization of an Impact Benefits Agreement with the Kwakiutl, Quatsino and Tlatlasikwala First Nations, within whose traditional territories the Project is situated.
Sea Breeze Power Corp. is a Vancouver-based renewable energy company focused on unlocking British Columbia’s enormous but ‘stranded’ renewable energy potential. Sea Breeze is presently engaged in the development of utility-scale wind farms, ‘run-of-river’ hydroelectric projects, and through a joint venture partnership, the development of state-of-the-art electricity transmission projects.
ON BEHALF OF THE BOARD OF DIRECTORS
“Paul B. Manson”
per: PAUL B. MANSON, President & CEO
For investor information: info@seabreezepower.com Telephone: (604) 689-2991 Fax: (604) 689-2990
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
