As a result, Phase 1 of the Glen Dhu Project is now generating and providing renewable electricity to Nova Scotia Power Inc. ("NSPI"), which is then delivered by NSPI to its customers.
The Glen Dhu Project is anticipated to be the largest wind farm in Nova Scotia, and is presently on track to be fully operational by March 31, 2011. The Glen Dhu Project consists of a total of 27 ENERCON E-82 2.3 MW wind turbines. Shear Wind owns approximately 51% of Glen Dhu LP.
Mike Magnus, President and CEO expressed his appreciation to the whole construction team stating, "We have been successful in achieving commercial generation of one-third of our project. With the foundations all completed, and with the remaining towers and turbines arriving weekly, our target for full completion is the end of March 2011. With this pivotal step for our company completed, it is anticipated that we will be cash flow positive prior to the end of this fiscal year." He continued, "We look forward to sharing our achievement with the community at an official opening ceremony to be announced at a later date."
Shear Wind continues to pursue its growth-oriented strategy through the development of its other wind projects in Atlantic Canada, Alberta and Saskatchewan.
Further information, including some pictures of the construction at the Glen Dhu site, can be found at www.shearwind.com.
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.
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.