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HALIFAX AND CALGARY, May 9 /PRNewswire/ - Shear Wind Inc. ("Shear Wind") (TSX VENTURE: SWX) today celebrated the official opening of its 62.1-Megawatt Glen Dhu wind farm ("Glen Dhu Wind Farm") with over one hundred people on its site located between Pictou and Antigonish counties in Nova Scotia.
In attendance were government officials including the premier of Nova Scotia, the Minister of Energy, municipal leaders, shareholders, industry partners and community members.
"This is a great day for Shear Wind. Not only are we marking the official opening of Glen Dhu Phase 1 - our Company's first major wind farm at 62.1MW; but we're celebrating this community's contribution to clean, renewable energy," said Mike Magnus, President & CEO, Shear Wind. "We couldn't have come this far without the community support, the Government's vision, and the participation and hard work from our project partners and employees here at Glen Dhu."The Glen Dhu Wind Farm allows the province to meet its 2015 renewable energy targets. The wind energy produced by the Glen Dhu Wind Farm is expected to represent 35 per cent of Nova Scotia Power's 2010 Renewable Energy Standard (RES) target and is anticipated to produce energy to power 18,000 homes. "In 2002, we had two wind turbines in Nova Scotia. Today there are more than 160 commercial turbines," said Premier Dexter. " Nova Scotia has some of the most ambitious renewable energy targets in the world. We are achieving those targets through the hard work, ingenuity and innovation of organizations such as Shear Wind. It's an exciting time to be part of the energy business in Nova Scotia." Genera Avante Holdings Canada Inc., a subsidiary of Inveravante Inversiones Universales, S.L., in Spain is Shear Wind's largest shareholder. Inveravante has ownership of wind facilities in Europe and parts of South America. Shear Wind estimates that the Glen Dhu Wind Farm has resulted in a direct and indirect investment of approximately $40 million in Nova Scotia, $22 million of which has been invested directly in Pictou and Antigonish counties and $2 million of which was generated through worker spending. "At its peak, 120 workers were employed producing 140,000 direct full-time equivalent hours," said Ian Tillard, Chief Operating Officer. "I'm proud to say that 83 per cent of the work was done by Nova Scotians." Shear Wind has mapped out a three-fold expansion for Glen Dhu in Phases two and three that will harness the steady Northumberland Strait winds and produce more wind energy. Shear Wind estimates that a phase two and phase three expansion of the Glen Dhu site could realize an additional 170 Megawatts. The company also has properties for wind farm development in New Brunswick and Alberta. 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. About Shear Wind 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. Additional information on the various projects may be viewed on Shear Wind's website: www.shearwind.com. Forward-Looking Statements / Information This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. Actual results may differ materially from information contained in the forward-looking information as a result of a number of material factors, including failure to secure adequate financing to develop projects of Shear Wind. Shear Wind undertakes no obligation to publicly update or revise any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information. Shear Wind Inc. trades on the TSX Venture Exchange under the symbol "SWX".