Shear Wind has stakes in the following assets:
— Fitzpatrick Mountain wind facility (1.6MW) — Glen Dhu Wind Energy Inc. (62.1MW) — 7 development sites across Canada, and — Site control with options and leases on all sites.
The Company continues to pursue opportunities to provide long term financial gains through operational wind energy assets.
The major accomplishment of the Company over the past two years has been the final development, approvals, signing of a 62.1 Megawatt (MW) Power Purchase Agreement, the construction and commissioning of the Glen Dhu wind generated electrical facility in Nova Scotia. Additional focus has been on project development of all of the Company’s sites, and the $7 million sale of the Willowridge project in Alberta which is due for final closing in mid-January 2012. Shear Wind has delivered record energy production and revenue from the newly commissioned Glen Dhu Wind Energy site.
"Our shareholders can be happy about the Company’s achievements of completing Glen Dhu’s construction on schedule and within our construction cost budget. We are proud to say that our on-site labour force came primarily from local communities and our commitment to safety continued to keep us ‘accident-free’ throughout its construction," said Mike Magnus, President and CEO. "Our production and revenue have exceeded our production forecast during the first eight months of operation, and we expect that Glen Dhu will be powering reliably throughout 2012."
Highlights of fiscal 2011and year-to-date include:
— Commissioned the largest wind farm in Nova Scotia on March 31, 2011, on schedule. — Secured ecoENERGY Incentive credits. — Generated revenue of $7,548,879 in 2011 as compared to $322,874 the previous year. — Submitted a proposal for an 88 Megawatt wind generation facility in Saskatchewan with SaskPower; presently awaiting a decision. — Acquired a new development site in northern Nova Scotia at Canaan Mountain.
In preparation for the upcoming Nova Scotia Request for Proposals for Renewable Energy, Shear Wind reports the following:
Glen Dhu II site:
— Submitted Notice of Intent To Bid for a 50MWand an 80MW project extension on the Glen Dhu site. — Completed Environmental Assessment work; site control of approximately 3600 acres; Interconnection System Impact Study agreement signed. — Five years of wind data and Lidar data collected.
Canaan Mountain site:
— Submitted Notice of Intent to Bid for a 50MW project on the Canaan Mountain site. — Site Control of approximately 5500 acres. — Interconnection System Impact Study agreement signed. — Lidar and Sodar wind data collection underway.
Outlook for 2012
Shear Wind’s focus for 2012 will be to move forward on any projects that are successful in obtaining a signed power purchase agreement, and also to further develop all sites in anticipation of future opportunities to build additional generation facilities.
Founded in 2005, Shear Wind Inc. 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.