April 28, 2009 - At a public signing ceremony today, in Nevis, West Indies Power (Nevis) Ltd. was issued a Geothermal Resource Concession  by the Nevis Island Administration (NIA) and signed a 25 year Power Purchase Agreement (PPA) with the Nevis Electricity Company Ltd. (NEVLEC)

The Geothermal Resource Concession, is for a renewable 25 year term and grants West Indies Power (Nevis) Ltd. (WIPN) the right to develop and produce electricity from the geothermal resources on Nevis. The Concession grants certain rights, obligations and tax benefits to WIPN for the production of electricity from geothermal resources, including the right to export power from the island of Nevis to other islands.   NIA is to be paid a royalty on the products produced from the geothermal resources along with other benefits and obligations.

NEVLEC signed a 25 year Power Purchase Agreement (PPA) with West Indies Power (Nevis) Ltd. for the supply of 10MW’s of electrical power. The PPA sets forth the rights and obligations of the parties and gives the technical specifications of the geothermal plant that will be built. The prices to be charged for energy and capacity over the life of the agreement are also set forth.

During his speech at the signing ceremony, Kerry McDonald, CEO, of West Indies Power (Nevis) Ltd, stated:  “ With the signing of these agreements West Indies Power will now be able to start building the geothermal power plants that will supply Nevis and the other islands in the northern Caribbean with low cost, reliable, renewable, clean energy for the foreseeable future.”

West Indies Power (Nevis) Ltd. is the Nevis operating subsidiary of West Indies Power Holding B.V. an independent power producer specializing in the development of geothermal energy in the Caribbean.

Contact: Lali Diaz-McDonald 
Phone: 1-869-665-3149
E-mail: l.diaz@westindiespower.com

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