Norway - Ventus Energy Inc. announces power purchase agreement for PEI wind farm

Ventus Energy Inc. today announced that it has signed a power purchase agreement (PPA) with the PEI Energy Corporation - a Crown Corporation of the Government of Prince Edward Island - to sell wind power from Ventus Energy's 9 MW Norway Wind Park, which is to be built on the north west tip of PEI, just south of the Atlantic Wind Test Site at North Cape. The price for the twenty year term of this PPA is set at the feed-in tariff price established by the Government of PEI of $.0775 per kWh. Construction of the $18 million Norway Wind Park is expected to begin this year and be commissioned in the spring of 2007. The 9 MW Norway Wind Park will generate an estimated 31,000 MWh per year of green power - enough to power almost 5,000 PEI homes and displace the equivalent of nearly 30,000 tones of carbon dioxide per year. A twelve month formal wind assessments study is completed. An environmental assessment study well underway and is expected to be completed this summer. Dr. Marina Silva and her team at the University of Prince Edward Island are completing the environmental work. A formal public meeting was held in June 2005. Terms of an interconnection agreement with Maritime Electric Corporation Limited are currently being finalized.

"We are delighted to make this announcement at this time. All of the hard work of the many talented people at Ventus Energy is beginning to pay off. The Norway Wind Park represents a substantial milestone in the development of Ventus Energy as an independent power producer." said John Douglas, Ventus Energy's Chief Executive Officer. "The Government of PEI has shown tremendous leadership in the renewable energy sector. We firmly believe that a fixed price tariff is the way to build a sustainable renewable energy industry in PEI. Investing in green energy is good for PEI's economy and good for our environment," continued Douglas. "This investment by Ventus Energy is a great step forward for renewable energy development in West Prince," said Transportation and Public Works Minister Gail Shea, MLA for the area. "Private sector investments like these show the confidence that the private sector has in the growth potential for our economy, particularly in renewable energy. I look forward to this development and the positive spin-offs it will bring to our community," said Shea.

Ventus Energy Inc. is a developer of wind farms in Canada. Currently, Ventus is developing over 5,000 Megawatts of potential wind power projects on 25 sites in Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador. Ventus Energy has secured the rights to over 17 million acres of land to conduct this wind energy development. Formal wind studies, interconnection and environmental assessments and other permitting activities are well underway at all sites. Ventus believes that this portfolio represents the largest portfolio of potential wind energy projects in Canada.