The 400MW facility will be located in the Township of King under the terms of a 20 year peaking generation contract with the Ontario Power Authority. Pristine holds a 50% interest in the project. YEC has now acquired all of the necessary permits required for its long term debt financing.
The Province of Ontario enacted a regulation exempting the YEC project site from the requirements of the Planning Act (Ontario). With the enactment of the regulation and the receipt of the development permit, Pristine is working with lenders to complete negotiations for its non-recourse debt financing, which is targeted to close during the third week of August, 2010.
Construction is expected to commence shortly thereafter. Prior to closing such financing, the company expects to commence site investigative technical work activities in anticipation of construction.
