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UPDATE: Sprott Power Up 1% as Announces 45 Megawatts of Bids for Nova Scotia Renewable Energy Projects and Other Updates

Sprott Power Corp. (SPZ.TO), an owner, operator and developer of renewable energy projects, announced that it submitted bids for approximately 45 megawatts of projects to the Nova Scotia Renewable Energy Administrator pursuant to its renewable energy tender program.

In aggregate, if awarded, these projects would require investments of approximately $100 million. Depending on which projects are awarded, the renewable energy would be provided from sites adjacent to the company's recently commissioned Amherst project, the company's operating facility near Lingan, Cape Breton, or other sites. Sprott Power hopes to provide additional renewable energy in order to satisfy the provincial government's obligation under the Nova Scotia Renewable Electricity Regulations.

In addition, Sprott Power has initiated construction for the 2.3 MW expansion of the Lingan Wind Farm, with road improvements and crane pad construction underway. The foundation will be constructed in July and the turbine will be installed and commissioned by the end of September 2012.

Sprott Power also has received approval from the Nova Scotia Minister of Energy for an 800 kW project under Nova Scotia's Community Feed-In Tariff program. The project is adjacent to the company's existing Lingan facility and was submitted to the ComFIT program through a community joint venture.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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