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Share Name | Share Symbol | Market | Type |
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Tonbridge Power | TSXV:TBZ | TSX Venture | Common Stock |
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Tonbridge Power Inc. (TSX VENTURE:TBZ) ("Tonbridge" or the "Company"), is pleased to announce it has entered into a second agreement with an Anchor Shipper, Invenergy Wind Development LLC ("Invenergy') which will further the development of the company's Green Line project in Montana. "The execution of the Cooperation Agreement with Invenergy really makes the commercial case for the Green Line and provides Tonbridge with another very experienced customer and further development participation and support. We are very pleased to be working with a developer as reputable and experienced as Invenergy who installed the very first wind project in Montana a few years ago" said Johan van't Hof, Tonbridge's Chief Executive Officer. "We are moving quickly now to develop this line, and undertake the studies to allow us file for the regulatory permit requirements needed for building." The project, referred to as the "Green Line", will be approximately 100 miles in length and is Tonbridge's second transmission line project. It will run southwest from the south end of Tonbridge's MATL transmission line, currently under construction, and connect with Bonneville Power Administration's transmission system on its 500kV transmission lines at, or west of Townsend, or at Garrison, Montana. Bonneville's 500 kV lines connect its system with the Colstrip line and is the major "electricity highway" that runs East to West out of Montana into the Pacific Northwest region and enables renewable and other power to reach load centers in that region. The total capacity requests now equal 850 MW on the Green Line. The formal allocation of these capacity requests will occur through a Federal Energy Regulatory Commission approved process. In this respect, Gaelectric and Invenergy will be "Anchor Shippers" and will receive their development contributions back over time, through credits against contracted transmission tariff charges after the line is in service. To advance projects needing capacity on the Green Line, Gaelectric, LLC, has recently announced that they requested 960 MW of transmission capacity on the Bonneville Power Administration system, and paid the required deposits to support these requests. "Gaelectric's reservation on the BPA system confirms their commitment to Montana wind and to making the Green Line project work" Johan added. "We are very grateful to both Invenergy and Gaelectric for their support and confidence in us and we look forward to working with them to bring their needed renewable energy generation to Pacific Northwest markets requiring it". Invenergy Wind Development LLC is an affiliate of Chicago-based Invenergy Wind LLC, a company focused on the development, ownership, operation and management of large-scale wind energy generation assets in the North American and European markets. Invenergy companies have approximately 2,000 MW of wind projects in operation or construction. Invenergy is one of the five largest wind energy developers in North America. For further information please visit www.invenergyllc.com. Gaelectric is a group of companies, each active in the different fields of Renewable Power Generation and Energy Storage with experienced teams specialized in all aspects of project planning, permitting, finance, engineering and management. Gaelectric is active in Northern Ireland, the Republic of Ireland and North America where Gaelectric operates regional development offices. For more information about Gaeletric visit: http://www.gaelectric.ie/. Tonbridge Power Inc., is a Toronto-based developer of electrical transmission assets, whose principal asset is a 100% interest in Montana Alberta Tie Ltd. Shares of the Company are traded on the TSX Venture Exchange under the symbol "TBZ." Should you wish to receive company notices via email, please notify us at: info@tonbridgepower.com. For Further information: Tonbridge Power Inc., www.tonbridgepower.com. Forward-Looking Information This news release contains "forward-looking information", within the meaning of applicable Canadian securities legislation, concerning the Company's prospective "Green Line" project and matters related thereto. Forward-looking information includes, but is not limited to, information with respect to the study and development of new transmission power lines, the allocation of costs, ascertaining the feasibility of such lines, the allocation of electrical capacity along such lines and the required steps to develop, approve and construct such lines, including financing arrangements and related matters. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as "proposed", "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "should", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include, but are not limited to: risks related to the outcome of the feasibility work on the prospective transmission line, the ability of the parties to enter into a development agreement if the feasibility phase is successful, risks related to ability to develop, finance and construct transmission lines, delays in obtaining governmental approvals, permits or project financing, requirements for additional capital, government regulation, environmental risks as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2008 and its management's discussion & analysis for the period ended June 30, 2009, available on www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.
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