Joint Venture to Develop Wind Super Parks in India

Canadian renewable energy developer Skypower Corp. and Pekon Electronics have entered into a joint venture to develop large wind farms in India.

The joint venture intends to develop more than 1000 megawatts (MW) of Wind Super Parks over the next two years across India and is proposing suitable sites to several State Governments.

Skypower is Canada’s leading independent wind power company and is focused on being the largest owner & operator of wind parks across Canada. It recently launched and manages the Skypower Wind Energy Fund LP, the largest public renewable energy fund in Canada, raising over $77 million in late 2005 for the 201 MW Terrawinds Project in the Riviere Du Loup, Quebec region. Construction on this project will commence late this summer and will be Canada’s largest wind park. Skypower currently has interests in 24 wind power projects and 3 Solar Super Parks, representing upwards of 7,000 MW of capacity.

Pekon is a diversified corporate entity with interests in Infrastructure Development, Manufacturing and Exports across India.

Dhiraj Bhagchandka, Director of Pekon said, “We are very excited about this partnership as Skypower brings with them the extensive expertise to develop, finance, construct, and operate large scale wind parks, a definite need and requirement of the wind energy market in India. We will be able to leverage their management capabilities and knowledge in building and managing large projects and draw on their relationships with leading international suppliers and financial institutions to build world-class parks in India.”

Kerry Adler, Skypower CEO said, “This is an important milestone for Skypower. Pekon has clearly demonstrated their abilities throughout the country to rapidly enter into new markets in an entrepreneurial and agile fashion which is what we believe to be the cornerstone of success.”

Pekon and Skypower Corp. form Joint Venture for Wind Super Parks in India June 1, 2006 Calcutta, West Bengal, India & Toronto, Ontario, Canada — Pekon Electronics Ltd. has entered into a comprehensive joint venture with Skypower Corp. for developing wind farms in India. Pekon is a diversified corporate entity with interests in Infrastructure Development, Manufacturing and Exports across India. It has partnered with Skypower Corp., a leading Canadian based renewable energy developer with interests in 24 wind power projects and 3 Solar Super Parks, currently representing more than 7,000 MW of capacity. Skypower is Canada’s leading independent wind power company and is focused on being the largest owner & operator of wind parks across Canada.

Skypower is a stakeholder in the Wolfe Island Wind Park a 197 MW Project, which commences construction in early 2007 and when completed will be Ontario’s largest wind park.

Skypower also recently launched and manages the Skypower Wind Energy Fund LP, the largest public renewable energy fund in Canada. The fund successfully completed a public offering of over $77M in late 2005 for the 201 MW Terrawinds Project in the Riviere Du Loup, Quebec region. Construction on this project will commence late this summer and when completed will be Canada’s largest wind park.

Mr. Dhiraj Bhagchandka, Director Pekon Electronics Ltd. said “we are very excited about this partnership as Skypower brings with them the extensive expertise to develop, finance, construct, and operate large scale wind parks, a definite need and requirement of the wind energy market in India. We will be able to leverage their management capabilities and knowledge in building and managing large projects and draw on their relationships with leading international suppliers and financial institutions to build world-class parks in India.”

Mr. Kerry Adler, CEO of Skypower Corp. said “our new joint venture with Pekon is an important milestone for Skypower. Pekon has clearly demonstrated their abilities throughout the country to rapidly enter into new markets in an entrepreneurial and agile fashion which is what we believe to be the cornerstone of success. The senior management at Skypower has been involved in other large initiatives across India in the past 8 years and truly envision that this tie up will result in significant projects being developed in the forthcoming years.”

The joint venture intends to develop in excess of 1000 MW of Wind Super Parks over the next two years across the country and is currently proposing to several State Governments for allotment of land at suitable sites.