TORONTO, March 24, 2020 (GLOBE NEWSWIRE) -- Jade Power Trust (“Jade Power” or the “Trust”) (TSXV:JPWR.UN) is pleased to report record annual energy generation from its renewable energy projects of 155,263 megawatt hours (“MWh”) for the year ended December 31, 2019.
Energy generation for 2019 of 155,263 MWh was 5% higher or 7,720 MWh greater than 147,543 MWh generated for the year ended December 31, 2018. Energy generation was higher in 2019 compared to 2018 at all of the Trust’s wind and solar projects and the Rott hydro project. For the fourth quarter of 2019 energy generation was 39,994 MWh, representing an additional 485 MWh or 1% increase from 39,509 MWh generated in the fourth quarter of 2018.
Colter Eadie, Chief Executive Officer of Jade Power, commented, “2019 was a strong operational and financial year for us. We are very pleased with the record performance of our renewable asset portfolio and the financial improvements we have demonstrated over 2019. The financial position of the Trust has significantly strengthened over the last two years and management continues to focus on maximizing value to unitholders through the optimization of our portfolio. Further, to date, we have not experienced any operational issues or disruptions related to the ongoing outbreak of COVID-19. All of our assets are operating normally and we do not expect any disruptions during this otherwise challenging time period.”
For further information please contact:
| Ravi Sood Chairman +1 647-987-7663 rsood@jadepower.com | J. Colter Eadie Chief Executive Officer +40 736-372-724 jceadie@jadepower.com | Betty Soares Chief Financial Officer +1 416-803-6760 bsoares@jadepower.com |
About Jade Power
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust seeks to provide investors with long-term, stable distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on solar and hydro power. The Trust intends to qualify as a “mutual fund trust” under the Income Tax Act (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust” (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any “non-portfolio property” (as defined in the Tax Act). All material information about the Trust may be found under Jade Power’s issuer profile at www.sedar.com.
Forward-Looking Statements
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Jade Power and its business are discussed under the heading “Business Risks and Uncertainties” in the Trust’s annual Management’s Discussion & Analysis for the year ended December 31, 2018, a copy of which is available on Jade Power’s SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Jade Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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