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Tribute Resources Inc. Announces Approval for Development of Wind Project
Tribute Resources Inc. Announces Approval for Development of Wind Project
About this update from Capital Power Corporation
[{"type":"text","content":"\nTribute Resources Inc. Announces Approval for Development of Wind Project\n\n\n Apr. 13, 2010 (Filing Services Canada) -- Tribute Resources Inc.  (TRB - TSX Venture), a developer of renewable energy projects in Ontario, announces that it has been notified that Capital Power Corporation ( \"Capital Power\") has been offered a contract through the Ontario Power Authority's  (\"OPA\") Feed-In-Tariff Program (\"FIT\") for the proposed Nanticoke and Port Dover wind projects (the \"Project\").  Tribute is entitled to a milestone payment of approximately $1.9 million upon the acceptance of a FIT contract by Capital Power.  Tribute sold its interest in the Project, with a potential of 105 megawatts (\"MW\") to Capital Power on November 26, 2009 to allow Capital Power to submit the Project in a FIT application filed on November 30, 2009. Terms of the deal included an initial closing payment and three further milestone payments as the Project works its way through the FIT production program and Ontario's Renewable Energy Approval (\"REA\") process.  Payments are due upon the offer and acceptance of a FIT contract, upon receipt of the REA, and a final payment on the Commercial Operation Date (\"COD\").  The Project is expected to achieve COD in the fourth quarter of 2012. Tribute, through its wholly owned subsidiary, Nanticoke Limited Partnership, in addition, has a  right to re-purchase a 10% non-voting interest in the Project at COD or to convert the COD payment to a 1.6% 20 year royalty interest in the Project upon COD. About Tribute Resources Inc.:Tribute is a Canadian energy company with a primary focus on adding value to shareholders by exploring for, developing and maintaining a long-term interest in renewable energy projects and  market-based priced underground natural gas storage assets in the Province of Ontario. Tribute's objective is to build a company capable of delivering and sustaining long-term per share growth by developing energy projects that will generate stable long term cash flow when fully developed. Tribute's business plan is to build upon its current asset base to identify, permit, develop, and construct projects that meet its threshold return criteria. Tribute will create value by identifying project opportunities, providing the expe...