TORONTO, Feb. 22, 2021 (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 158,822 megawatt hours (“MWh”) for the year ended December 31, 2020.
Energy generation for 2020 of 158,822 MWh was 2% higher or 3,559 MWh greater than 155,263 MWh generated for the year ended December 31, 2019. For the fourth quarter of 2020 energy generation was 35,653 MWh compared to 39,994 MWh generated in the fourth quarter of 2019. Given the nature of the operations, energy generation fluctuates in accordance with weather conditions.
Colter Eadie, Chief Executive Officer of Jade Power, commented “2020 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 2020. The financial position of the Trust has significantly strengthened over the last two years and management continues to focus on maximizing value to unitholders. 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 | J. Colter Eadie | Betty Soares |
| Chairman | Chief Executive Officer | Chief Financial Officer |
| +1 647-987-7663 | +40 736-372-724 | +1 416-803-6760 |
| rsood@jadepower.com | jceadie@jadepower.com | 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, 2019, 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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