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Cash woes won't affect wind farms: company

A Toronto-based company's financial problems won't blow over its plans to erect a wind turbine farm in Prince Edward County, a spokesperson for SkyPower says. The company, Canada's leading developer of renewable energy projects, announced Thursday it filed for restructuring under the terms of the Companies' Creditors Arrangement Act.

A Toronto-based company's financial problems won't blow over its plans to erect a wind turbine farm in Prince Edward County, a spokesperson for SkyPower says.

The company, Canada's leading developer of renewable energy projects, announced Thursday it filed for restructuring under the terms of the Companies' Creditors Arrangement Act. In recent months there has been uncertainty as to SkyPower's direction due to the bankruptcy of its principal shareholder, Lehman Brothers.

SkyPower is the company behind the Byran Wind Project, a planned wind turbine farm that will boast 43 turbines in various locations across the county. Initial plans have the turbines operational by the end of 2010.

Thursday's news shouldn't hamper those plans, Scott Brownrigg, Skypower spokesperson, told The Intelligencer.

"We expect it's business as usual. We'll continue to develop the projects in the same timeline and the same manner as before, including Byran," Brownrigg said during a telephone interview Friday.

"The CCAA process should have no bearing on the evaluation of SkyPower's environmental assessment or approvals with this project."

Brownrigg added the 2010 deadline is still the goal for SkyPower. Thursday's... more [truncated due to possible copyright]  

A Toronto-based company's financial problems won't blow over its plans to erect a wind turbine farm in Prince Edward County, a spokesperson for SkyPower says.

The company, Canada's leading developer of renewable energy projects, announced Thursday it filed for restructuring under the terms of the Companies' Creditors Arrangement Act. In recent months there has been uncertainty as to SkyPower's direction due to the bankruptcy of its principal shareholder, Lehman Brothers.

SkyPower is the company behind the Byran Wind Project, a planned wind turbine farm that will boast 43 turbines in various locations across the county. Initial plans have the turbines operational by the end of 2010.

Thursday's news shouldn't hamper those plans, Scott Brownrigg, Skypower spokesperson, told The Intelligencer.

"We expect it's business as usual. We'll continue to develop the projects in the same timeline and the same manner as before, including Byran," Brownrigg said during a telephone interview Friday.

"The CCAA process should have no bearing on the evaluation of SkyPower's environmental assessment or approvals with this project."

Brownrigg added the 2010 deadline is still the goal for SkyPower. Thursday's actions have had no impact on the plans, he said.

Kerry Adler, SkyPower president and chief executive officer, said in a release other companies have already shown interest in Skypower.

"There are several potential bidders who have expressed interest in purchasing SkyPower's assets. We expect a vibrant process to maximize value for our stake holders and preserve the business as a going concern for the employees, customers and suppliers," Adler stated.

Any company thinking of purchasing SkyPower may want to think twice, said Prince Edward County resident Henri Garand. Garand, chairman of the Alliance to Protect Prince Edward County, has been a vocal opponent to the turbine farm proposal and vowed to continue fighting.

"I think that any purchaser of SkyPower needs to understand the strenuous opposition that exists in Prince Edward County and it may not be proceeding as rapidly as they had expected," Garand said.

He added SkyPower can hold open houses and share information with residents while nearing completion of its assessment report but that does not means residents who are in opposition are done fighting the development.


Source: http://www.intelligencer.ca...

AUG 15 2009
https://www.windaction.org/posts/21751-cash-woes-won-t-affect-wind-farms-company
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