June 13, 2011 / 12:18 PM / 7 years ago

UPDATE 1-Sprott Power, partner to invest C$61 mln in Amherst project

* Firelight Infrastructure Partners to own 49 pct of project

* Sprott Power sees completion of project by Q1, 2012

* Sprott Power sees rise in free cash flow after project is commissioned (Follows alerts)

June 13 (Reuters - Sprott Power Corp said it has partnered with Firelight Infrastructure Partners to invest about C$61 million to develop a wind power project in Nova Scotia, and the renewable energy company expects to double its revenue once the project is commissioned.

Sprott Power, which develops and operates renewable energy projects, said it will own 51 percent of the Amherst Project, while Firelight will hold the rest.

“When the Amherst project is commissioned in early 2012, it will nearly double the revenue and installed capacity under management of Sprott Power and greatly increase our free cash flow,” Chief Executive Jeff Jenner said in a statement.

Construction on the project is underway and it is expected to be completed in the first quarter of 2012, Sprott Power said in a statement.

The Amherst project partners have also signed a contract with Suzlon Wind Energy Corp, a unit of Indian wind turbine maker Suzlon Energy . As part of the deal, Suzlon will provide wind turbines and engineering, procurement, construction and commissioning services.

Sprott Power had acquired the Amherst Project in March 2011 and is supported by a 25-year power purchase agreement with Nova Scotia Power Inc NSI_pd.TO. (Reporting by Arnika Thakur in Bangalore; Editing by Sriraj Kalluvila)

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