Business & Finance
Business and Finance
Business and Finance
Tue, April 12, 2011
Mon, April 11, 2011 ROR Power Submits Development Plan for Skookum Power Project
VANCOUVER, April 11, 2011 /CNW/ - Run of River Power Inc. (TSXV: ROR) ("ROR Power" or "the Company") today announced it has submitted a development plan for its 25 MW Skookum Power Project to the Ministry of Natural Resource Operations.
"The submission of our development plan is a significant milestone for the Company," says ROR Power President and CEO Rick Hopp. "A tremendous amount of work goes into preparation of the plan and the fact that we've submitted it moves us one step closer to bringing this project to fruition."
Requirements of a development plan include a detailed description of the project, summaries of the studies conducted, and an extensive analysis of potential impacts relating to the construction and operation of the project.
"It's another check in ensuring all hydroelectric projects built in BC are able to meet the strictest environmental standards," explains Mr. Hopp.
Following submission, the plan is subject to review and adjudication by First Nations, relevant agencies, third parties, provincial statutory decision makers and federal decision makers under the Fisheries Act and Canadian Environmental Assessment Act. Once approved, the Company will receive initial permits required to begin construction.
The Company formally signed a 40-year electricity purchase agreement with BC Hydro in May 2010. Construction is scheduled to begin in the second quarter of 2012, with commercial operation set for January 2014. When completed, the Skookum Power Project will be the Company's second operating hydroelectric power plant in BC.
About Run of River Power Inc.
Run of River Power Inc. develops renewable, sustainable energy through its portfolio of run-of-river and biomass projects. The Company operates an Eco Logo© certified hydroelectric power generation station at Brandywine Creek, near Whistler, BC that generates cash flow under a 20-year contract with BC Hydro. ROR Power is well positioned for profitable growth through power generation initiatives that include its 25 MW Skookum Creek Power Project, awarded an Electricity Purchase Agreement by BC Hydro in 2010. ROR Power's total development potential of 715 MW represents a significant opportunity to help BC meet its rising demand for clean, sustainable power and achieve energy self sufficiency by 2016.
Forward-Looking Statements
Statements in this release which describe Run of River Power Inc.'s intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve unknown risks and uncertainties which may cause the actual results, performances or achievements of Run of River Power Inc. to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. Run of River Power Inc. may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward-looking statements as required pursuant to applicable securities laws.
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.
