Project Receives Permit From U.S. Army Corps of Engineers
NEW YORK, NY (October 13, 2008) - Energy Investors Funds (“EIF”), a private equity fund manager that invests in the U.S. energy and electric power sector, is pleased to announce that the Juan de Fuca Cable (“JdF Cable”), a project partially financed by EIF's United States Power Fund, L.P. (“USPF”), has received a Permit from the United States Army Corps of Engineers authorizing the installation of the cable on U.S. soil and seabed. The permit represents the conclusion of all major U.S. Federal and State permitting requirements for the the development of the 50 kilometer, 550 MW High Voltage Direct Current Light® ("HVDC Light") international submarine transmission cable.
The Permit is issued by the Army Corps in accordance with the policies of the U.S. Environmental Protection Agency. A separate certification also has been issued by the Washington State Department of Ecology, which certifies that the project's construction will comply with the strict water quality and pollution measures regulated by the Department. The awarding of the Permit is another major milestone in the development of the JdF Cable, following the June 2008 issuance of the Presidential Permit by the United States Department of Energy.
“We're pleased that the U.S. environmental permitting process for the Juan de Fuca Cable has been completed and look forward to completing development and commencing construction,” said Andrew Schroeder, a Senior Partner with EIF. “This transmission cable will alleviate electricity congestion on the I-5 corridor between British Columbia and Washington as well as open up new power opportunities to the entire West Coast. As highlighted by our investment in this project, as well as the Neptune and Hudson projects in the New York area, we continue to see a number of high quality, environmentally friendly transmission projects that will bring needed power to areas with increasing demand.”
The JdF Cable project will allow greater electricity movement between the U.S. and Canada and will provide an additional route for new power generation projects to move their electricity to market.
"The receipt of these Permits is a tremendous accomplishment for the JdF Cable, and the partnership developing it,” said Paul Manson, CEO of Sea Breeze Power Corp. “The HVDC Light® technology that will be utilized offers minimal environmental risk. It is a preferred alternative to traditional high voltage overhead lines that often raise concerns related to visual impact and perceived health risks from fluctuating electromagnetic fields."
About Energy Investors Funds
EIF was founded in 1987 as the first private equity fund manager dedicated exclusively to the independent power and electric utility industry. Its consistent, proven investment strategy is to create geographically and technologically diversified portfolios of electric power-related assets that provide superior risk-adjusted equity returns with current cash flow and capital appreciation. As investment managers, EIF seeks to mitigate commodity risk (fuel and electricity) by focusing primarily on acquiring power assets with long-term off-take contracts. EIF has mobilized over $3.4 billion in capital raised in seven funds, and currently manages four private equity funds from its offices in Boston, New York, and San Francisco. These funds have made over 100 diversified investments with a combined underlying asset value exceeding $7 billion. EIF controls 4,000 MW of operating power assets with another 2,200 MW of power assets under development or construction. For more information visit www.eif.com.
About the Juan de Fuca Cable
The Juan de Fuca Cable is being developed through a joint venture between Sea Breeze Power Corp., Boundless Energy NW, Inc., and United States Power Fund, L.P., a private equity fund managed by Energy Investors Funds (“EIF”). To learn more about the JdF Cable please visit http://www.jdfcable.com/index.shtml