Vancouver, BC – April 13, 2011 – On January 26, 2011, Run of River Power Inc. (TSX-V: ROR) (“ROR Power” or “the Company”) announced that its Suskwa and Tsilhqot'in projects were no longer under consideration in BC Hydro’s Bioenergy Phase 2 Call.
Due to the considerable uncertainty of a future Bioenergy Call and award of an Energy Purchase Agreement by BC Hydro, the Company has decided to write down the carrying value of its investment in its biomass projects of approximately $5.0 million to a nominal value.
“In spite of this considerable uncertainty, we are continuing to explore options with our First Nations partners to move these projects forward,” stated Rick Hopp, President and CEO of ROR Power.
About Run of River Power Inc.
Run of River Power Inc. develops renewable, sustainable energy through its portfolio of run-of-river and biomass projects. The Company operates an Eco Logo© certified hydroelectric power generation station at Brandywine Creek, near Whistler, BC that generates cash flow under a 20-year contract with BC Hydro. ROR Power is well positioned for profitable growth through power generation initiatives that include its 25 MW Skookum Creek Power Project, awarded an Electricity Purchase Agreement by BC Hydro in 2010. ROR Power’s total development potential of 715 MW represents a significant opportunity to help BC meet its rising demand for clean, sustainable power and achieve energy self sufficiency by 2016.
Statements in this release which describe Run of River Power Inc.'s intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve unknown risks and uncertainties which may cause the actual results, performances or achievements of Run of River Power Inc. to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. Run of River Power Inc. may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward-looking statements as required pursuant to applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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President and CEO