Canadian Hydro - Ontario Acquisitions Closed.CALGARY, Alberta--(BUSINESS WIRE)--May 4, 1998--Canadian Hydro Developers, Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :KHD KHD Klöckner-Humboldt Deutz AG (Germany) .) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CHDVF) reports it has closed the previously announced acquisition of two hydroelectric plants in eastern Ontario Eastern Ontario is the region of the Canadian province of Ontario which lies in a wedge-shaped area between the Ottawa and St. Lawrence Rivers. It shares water boundaries with Quebec, to the north and New York State to south. Population: 1,392,346 (2001), est. totalling 2.9 Megawatts for a cost of $6.6 million, including a contract valued at $0.7 million to replace two of four turbines at one plant. The electricity generated from both plants is being sold to Ontario Hydro Ontario Hydro was the official name from 1974 of the Hydro-Electric Power Commission of Ontario which was established in 1906 by the provincial Power Commission Act to build transmission lines to supply municipal utilities with electricity generated by private companies under existing long-term contracts with expiries in 2009 and 2024. These two acquisitions are the first transactions using equity from an $8 million equity issue earlier this year. Approximately 75 percent of the capital cost of these acquisitions will be financed with term debt, repayable from cash flow over ten years. Similar to all of Canadian Hydro's plants, these two new plants operate on a "run-of-river" basis meaning they are environmentally friendly and produce emissions free energy. Canadian Hydro now owns and operates eight hydroelectric plants totalling 29 Megawatts located in British Columbia, Alberta and Ontario. BANK LINES OF CREDIT EXPANDED - Canadian Hydro has substantially increased its operating lines of credit from $3 million to $18 million. These facilities, which are in addition to the $4.85 million term loan for the eastern Ontario hydroelectric plant acquisitions, will provide the Company with considerable flexibility to pursue growth. 25 MW PINGSTON PROJECT, B.C. - Canadian Hydro has filed an application under the B.C. Environmental Assessment Act for a construction permit for the 25 MW Pingston hydroelectric project. Together with its 50 percent partner, the Company has completed all necessary environmental studies and has monitored water flows for the past three years. Approval of this project is expected to take about one year, during which time the Company will continue to pursue a market for the electricity to be produced. This information has neither been approved or disapproved by the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . CONTACT: Canadian Hydro Developers Canadian Hydro Developers Inc. TSX: KHD is a Canadian company that operates 12 hydroelectric power sites, 4 wind power sites and one biomass power site in Canada. Canadian Hydro Developers is the Canadian leading supplier of EcoLogo certified power from environmentally sounds , Inc. John Keating, 403/298-0251 http://www.canhydro.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion