Juan de Fuca Cable Project - Wilson Sonsini Engaged as Advisor for U.S. Stimulus...
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Juan de Fuca Cable Project - Wilson Sonsini Engaged as Advisor for U.S.
Stimulus Funding
TSX-VENTURE: SBX
VANCOUVER, July 30 /PRNewswire-FirstCall/ - Sea Breeze Power Corp. is pleased
to announce that Wilson Sonsini Goodrich Rosati ("WSGR") has been retained
to provide strategic advice in the process of securing U.S. federal stimulus
funding for the Juan de Fuca Cable Project ("JDF Cable").
WSGR is a leading U.S. legal services provider and a premier advisor to
technology and growth enterprises worldwide, with clients including global
leaders in the high tech and life sciences fields. The firm is at the
forefront of the clean technology sector, with a renewable energy project team
committed to assisting companies secure project financing internationally.
Sea Breeze Pacific Juan de Fuca Cable, LP (a Delaware, USA registered limited
partnership) will be employing WSGR's services in seeking strategic advice
about available federal funding and/or federal loan guarantees for the Juan de
Fuca Cable Project under the newly established American Recovery and
Reinvestment Act of 2009 (ARRA). The ARRA is a stimulus funding package
designed to encourage economic development, with objectives including
investment in the electric transmission and renewable energy industries.
The Juan de Fuca Cable, which is fully permitted, is a proposed 550MW High
Voltage Direct Current ("HVDC") Light(R) submarine transmission cable that
will connect Vancouver Island, Canada, and Port Angeles, Washington State. The
bi-directional pathway will strengthen the westerly 'end points' of the
British Columbia and Washington State transmission grids, and will provide
increased transmission stability and reliability for the region, as well as
helping to meet Vancouver Island's growing electricity requirements. The
project is a partnership between Sea Breeze Power Corp. and Boundless Energy
NW, LLC (of York Harbor, Maine), with Energy Investors Funds ("EIF")
participating as a financial partner.
EIF was founded in 1987 as the first private equity fund manager dedicated
exclusively to the independent power and electric utility industry. Its
consistent, proven investment strategy is to create geographically and
technologically diversified portfolios of electric power-related assets that
provide superior risk-adjusted equity returns with current cash flow and
capital appreciation. As an investment manager, EIF seeks to mitigate
commodity risk (fuel and electricity) by focusing primarily on acquiring power
assets with long-term off-take contracts. EIF has mobilized over $4 billion in
capital raised in seven funds, and currently manages four private equity funds
from its offices in Boston, New York, and San Francisco. These funds have made
over 100 diversified investments. EIF controls 4,000 MW of operating power
assets with another 2,200 MW of power assets under development or
construction. For more information, visit www.eif.com.
Sea Breeze Power Corp. is a Vancouver based renewable energy company focused
on unlocking British Columbia's enormous but 'stranded' renewable energy
potential. Sea Breeze is presently engaged in the development of utility-scale
wind farms, 'run-of-river' hydroelectric projects, and through a joint venture
partnership, the development of state-of-the-art electricity transmission
projects. For more on the Company, please visit www.SeaBreezePower.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Paul B. Manson"
--------------------------
PAUL B. MANSON, President & CEO
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.
SOURCE Sea Breeze Power Corp.
Paul Manson, paulmanson@seabreezepower.com
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