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Pristine Power Inc.';s York Energy Centre Completes the Environmental Assessment Process and Selects Lead Debt Providers

^{Published on 2009-08-20 12:24:13, Last Modified on 2009-08-20 12:24:16 - Market Wire}
 

 CALGARY, Aug. 20 /CNW/ - Pristine Power Inc. (TSX: PPX), an independent Canadian developer and operator of electricity and steam generation facilities, today announced that York Energy Centre LP filed its Statement of Completion following the Ontario Minister of the Environment's decision that an individual environmental assessment is not required for the York Energy Centre. The York Energy Centre completed a comprehensive Environmental Review Report that concluded there will be no significant adverse effects to human health or the environment resulting from the construction and operation of the York Energy Centre. "The filing of our Statement of Completion marks the finalization of the environmental assessment phase of the York Energy Centre and represents a major milestone in York Energy Centre's schedule for an in-service date by the end of 2011," said Jeff Myers, President and Chief Executive Officer of Pristine Power. Pristine also announced the signing of a term sheet and engagement of a syndicate of financial institutions to act as joint lead arrangers to structure, arrange and syndicate the non-recourse debt financing for the project. Closing of such financing is expected to occur in the fourth quarter of 2009, subject to completion of appropriate due diligence, negotiation of definitive lending agreements, receipt of lenders' credit authorizations, and syndication. About the York Energy Centre project: The York Energy Centre is a 393 MW natural gas fired electricity generation facility located in the Township of King, Ontario. The plant is expected to be owned jointly by Pristine Power Inc. and an affiliate of Harbert Power, LLC. The project is expected to be constructed for a total cost of approximately $365 million with commercial operations anticipated to commence by the end of 2011. Pristine expects to hold a 50% interest in the York Energy Centre project, and is managing the construction and operation of this project. Cautionary Statement Regarding Forward-Looking Information Certain statements in this news release may constitute "forward-looking information" or "forward-looking statements" which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this news release, such information uses such words as "estimates", "expects", "plans", "anticipates" and other similar terminology. This information reflects the Company's current expectations regarding future events, including the development, financing, construction and operation of the York Energy Centre. Forward-looking information involves significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information. Although the forward-looking information in this news release is based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with this forward-looking information. This forward-looking information is provided as of the date of this news release, and, subject to applicable securities laws, the Company assumes no obligation to update or revise such information to reflect new events or circumstances. About Harbert Power, LLC Harbert Power, LLC ("Harbert"), a subsidiary of Harbert Management Corporation, is involved with development, construction, ownership and operation of independent power generating facilities and power related assets in North America. Harbert manages power assets for Harbert Corporation, an affiliate, and develops, acquires and manages assets for the Harbinger Group. Since Harbert began its power business in 1986, the company has managed approximately $325 million of equity and raised approximately $1.5 billion of debt in the commercial bank and capital markets to finance power projects in the United States. Harbert currently is involved in the management of 17 power generating facilities with an aggregate capacity of approximately 2,000 MW. Harbert is based in Birmingham, Alabama and also has a significant operations and asset management office in Pittsburg, California for managing its California assets. Further information on Harbert can be found at [ www.harbert.net ]. About Pristine Pristine (TSX: PPX) is in the business of developing, owning and operating independent power plants that produce and sell electricity and in some cases, sell process steam to industrial users. Pristine capitalizes on opportunities in the independent power market by actively pursuing the development of dependable, cost-effective and environmentally responsible power generation facilities utilizing technology with proven past performance. Pristine pursues a mix of large gas-fired, bioenergy and hydroelectric projects, and smaller replicable waste heat recovery ERG(R) and bioenergy projects. Pristine currently has two projects in operation, one under construction, and two under contract and in advanced development. Pristine is developing projects in Ontario, British Columbia and the Western United States. Visit [ www.pristinepower.ca ] for more information. 

For further information: For media and investor inquiries please contact Thomas McMillan, Equicom Group, (403) 536-5903, [ tmcmillan@equicomgroup.com ]