Shear Wind completes, commissions 62.1-MW Glen Dhu wind farm in Nova Scotia, plans to expand facility with Glen Dhu Phase II when province issues its next request for proposals
HALIFAX, Nova Scotia
April 4, 2011
– Shear Wind Inc. ("Shear Wind") (TSX VENTURE:SWX) announces today that the Glen Dhu 62.1 MW wind facility in Nova Scotia (the "Glen Dhu Wind Farm"), has been completed and all turbines have been erected and commissioned. The Glen Dhu Wind Farm is the largest wind energy project in the province and is producing renewable energy for the people of Nova Scotia. It is anticipated that the production from the Glen Dhu Wind Farm will make a significant contribution to reaching the targets set within the province's Renewable Energy Standard, and will produce enough power for approximately 18,000 homes.
"This is a major accomplishment for Shear Wind," stated Mike Magnus, President and CEO. "We have met all our delivery milestones and we are extremely proud of our achievements. We feel this is a testimony to the tremendous capabilities of this company and that the completion of the Glen Dhu Wind Farm provides a turning point in building a strong and profitable energy company."
Shear Wind has plans in place to expand the Glen Dhu Wind Farm, which is understood to be strategically suited for increased production. The site is expected to offer economic scale for expansion. Magnus went on to say, "Our plan is to build on our success, and we await the next Nova Scotia Request for Proposals (RFP) for renewable energy to gain the opportunity to build out Glen Dhu Phase II."
Ian Tillard, COO said, "We are pleased to say that the construction was done mostly by Nova Scotians. Our dedication to excellence was extremely important, and our perseverance got us through a very hard winter construction. The communities are extremely supportive of the opportunities that a wind farm brings to the people and the local economy. "
Shear Wind has an aggressive development strategy to advance projects in other provinces and has developed a pipeline of projects which it is awaiting the opportunity to construct. In addition to the Glen Dhu Wind Farm in Nova Scotia, Shear Wind is targeting three other near-term opportunities in New Brunswick, Saskatchewan and Alberta.
Mr. Magnus concluded: "Our goal is to reach the status of being a significant energy producer in Canada. We feel that our proven team is very capable of meeting our future challenges."
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Shear Wind in any jurisdiction.
About Shear Wind
Founded in 2005, Shear Wind is headquartered in Halifax, Nova Scotia and is engaged in the exploration and development of renewable wind energy properties in Canada. Shear Wind is focused on building a strong company based on a secure and sustainable supply of clean wind energy. Shear Wind is committed to building shareholder value governed by environmental stewardship. Inveravante Inversiones Universales, S.L., an international corporation based in Spain, indirectly owns 62% of Shear Wind on a fully-diluted basis and 49% of Glen Dhu Wind Energy Limited Partnership through Genera Avante Holdings Canada Inc., following its investment in Shear Wind in November 2009.
Additional information on the various projects may be viewed on Shear Wind's website: www.shearwind.com.