Oct. 30, 2009 (Filing Services Canada) -- Tribute Resources Inc. (TRB - TSX Venture), a developer of natural gas storage assets and renewable energy projects in Ontario, announced today that it is on target with its wind development near Nanticoke Ontario to develop a 100 MW wind farm (the "Project") with a commissioning date in 2011. Tribute, through its investment in limited partnerships, has accumulated sufficient lease options to support the development of a 100 mw wind farm near Nanticoke, Ontario.
The Nanticoke wind options are held in the Nanticoke Wind Limited Partnership. ("Nanticoke LP") Tribute owns 100 % of the units in this partnership and its general partner, Nanticoke Wind Corp. ("Nanticoke GP"). The Nanticoke LP has secured land lease options on 5,500 acres of lands in the Nanticoke, Ontario area and has identified an additional 1,500 to 2,500 acres of proximate lands for total targeted lease holdings of 7,000 to 8,500 acres.
The Dover lands are optioned by the Dover East Wind Limited Partnership ("Dover LP") The Dover LP is operated by its general partner, Dover Wind Corp (the "Dover LP") Tribute currently owns 50% of the Dover LP and the Dover LP. Dover LP has secured land lease options on 1,400 contiguous acres of lands just east of Port Dover, Ontario.
It is the intent of Tribute that the lands in both Nanticoke and Dover will be developed together. Sufficient lands have been optioned to support the development of a 100 MW project size meeting the requirements of the Renewable Energy Application requirements. Leasing is on-going with additional lands being targeted to support the development of up to a 120 MW project.
Environmental studies are underway which will enable a complete Renewable Energy Application to be filed with the Ministry of Environment (MOE) by February 2010. In addition, Tribute has filed a Notice of Commencement with the MOE on September 16, 2009.
Wind measurement is on-going from five meteorological wind towers which have been operational for terms of 14 months to three and one half years.
The Project proposes to interconnect with Hydro One Networks Inc.'s twin circuit 230 kV lines on lands Tribute currently holds under lease. Transmission interconnection facilities engineering work is currently being undertaken.
The Project has sufficient land leases to submit a Feed-in Tariff (FIT) Application pursuant to the September 24, 2009 announced FIT Rules and REA requirements for a minimum 100 MW development with a Target Commercial Operation Date (COD) of Q3 2011.
Tribute is actively negotiating with credit worthy third party investors interested in acquiring a controlling interest in the Project and capable of meeting the asset requirement tests of the FIT program. Tribute is on target with its submission deadline of November 30, 2009.
