CALGARY, ALBERTA--(Marketwire - May 15, 2012) - Maxim Power Corp. ("MAXIM" or the "Corporation") (MXG.TO - News) announced today that it has entered into agreements to secure firm natural gas transportation service for the 190 MW Deerland Peaking Station ("D1"). Entering into these agreements is critical to meeting D1's target commercial operation date of Q4 2013.
D1 is a highly attractive project due to increasing demand for electricity in Alberta coupled with a contraction of reliable base load supply. The D1 site is located near Bruderheim in Alberta's industrial heartland. D1 is in close proximity to the entry point of the proposed Gateway pipeline and adjacent to the existing Deerland high voltage substation. This area is expected to experience significant growth in electrical demand. MAXIM expects peaking requirements across Alberta to continue to grow to meet this increasing demand and to provide firm backup for intermittent wind resources.
D1 is the only shovel-ready permitted natural gas-fired peaking project in the province of Alberta. MAXIM has received all required regulatory approvals to construct and operate D1. The Corporation has engaged engineering and construction support services to commence construction in 2012 and anticipates the facility will commission in Q4 2013.
Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power and power related projects. MAXIM currently owns and operates 40 power plants in western Canada, United States and France, having 788 MW of electric and 111 MW of thermal net generating capacity. MAXIM trades on the TSX under the symbol "MXG". For more information about MAXIM, visit our website at www.maximpowercorp.com.
Statements in this release which describe MAXIM's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward-looking statements as required pursuant to applicable securities laws.