May 30, 2011
BluEarth Closes Acquisition of Operating Hydroelectric Plants
Calgary, Alberta (May 30, 2011): BluEarth Renewables Inc. (“BluEarth”) today announced the close of its acquisition of an interest in ACH Limited Partnership (“ACH”). ACH owns eight operating hydroelectric plants with 131 MW of capacity in Ontario. ACH was previously owned by AbitibiBowater and the Caisse de dépôt et placement du Québec.
BluEarth partnered on this $640 million acquisition with a major Canadian institutional investor. These plants have approximately 19 years remaining in a 20-year power purchase agreement with the Ontario Power Authority, and will generate long-term stable cash flows for BluEarth. TD Securities Inc. and Blake, Cassels & Graydon represented BluEarth and its partner as financial and legal advisors, respectively, for this transaction.
“As part of our growth strategy, we wanted to acquire operating assets out of the gate to generate near term cash flow to internally finance the development of our business,” said Kent Brown, President & CEO of BluEarth. “This meaningful investment creates a stable foundation for the continued growth of BluEarth. Our primary focus now shifts to the acquisition of development projects, where our experienced team and financial strength have a unique ability to advance projects that may be stuck lacking capital or experience.”
About BluEarth Renewables Inc.
Headquartered in Calgary, Canada, BluEarth is a private independent renewable power producer, with a mission to be the Canadian renewable energy leader by developing, building, and operating a portfolio that optimizes people, planet, and profit. BluEarth believes it has the power to change the future by demonstrating how to be sustainable and profitable, leaving the world a better place. For more information visit www.bluearthrenewables.com.
For more information:
Vice President, Regulatory & Communications
BluEarth Renewables Inc.
(403) 668-1575 x405
President & CEO BluEarth Renewables Inc.
(403) 668-1575 x401