Sequoia Energy Secures $16 Million in Financing from Good Energies

 

TORONTO and WINNIPEG, Manitoba, Oct. 31 /PRNewswire/ -- Sequoia Energy Inc., a Canadian renewable energy company focused on utility-grade wind energy projects and a pioneer in a "community first approach", announced today it has closed a $16 million (Cdn) financing investment from Good Energies, a leading investor in the renewable energy industry. With this investment, Sequoia will advance its current projects in Manitoba and Saskatchewan (Canada) and in North Dakota (USA) and expand to become a leading developer in the region.

"Just as the wind blows across borders, wind developers have to look beyond the lines on a map. Today's announcement is a commitment on both our parts to develop wind energy from Manitoba to Saskatchewan and south to the Midwest states," said Ron Diduch, CEO of Sequoia Energy. "We are very pleased that Good Energies recognizes Sequoia as the best strategic partner to advance wind energy in this region and that Manitoba is the best home base to advance that strategy."

Wind energy has become increasingly recognized in North America as a complementary enhancement to existing provincial and state energy systems and a highly valued benefit to sustaining local communities. Sequoia supports a community-centered approach and has invested significant resources to ensure that the company's wind projects preserve the integrity of established communities and integrate smoothly into existing energy systems.

"Sequoia is a successful Canadian wind power developer and has been instrumental in demonstrating the positive economic, environmental and social benefits of wind energy," said Jean-Louis Brenninkmeyer, a managing director at Good Energies and a seasoned investor in the wind development industry.

"The investment by Good Energies in Sequoia will greatly enhance the wind portfolio of our firm," added David MacMillan, a managing director at Good Energies in London and part of its global wind investment team. "Good Energies will provide Sequoia not only with the capital it needs to succeed, but we will also partner with management to provide them with our international utility-grade wind development expertise that we have gained from successfully bringing projects online in North America and Europe."

About Good Energies:

Good Energies (www.goodenergies.com) is a leading investor in the renewable energy industry, managing the renewable energies portfolio of the COFRA Group, a privately owned group of companies. The current market capitalization of its portfolio is more than $5 billion. Good Energies places its emphasis on the interrelated business areas of solar energy, wind energy, load management and green buildings. Good Energies operates globally with offices in London, New York, Toronto, Washington D.C., and Zug. The company invests in all life cycles of companies and pursues a long-term investment approach. Good Energies is guided by the 3-P-principle (3-Ps): people-planet-profit; being an investment firm it also aims to accelerate energy transition and strives to alleviate poverty by improving access to affordable renewable energy.

About Sequoia Energy:

Sequoia Energy Inc., headquartered in Winnipeg, Manitoba is a leading Canadian renewable energy developer. Sequoia initiated the first Manitoba wind farm in St. Leon, Manitoba. This successful 99-megawatt project, demonstrated that wind energy is economically feasible in the region. The company has since become a leader in the industry with a number of new projects in development in Manitoba, Saskatchewan and North Dakota. Sequoia is focused on large-scale wind energy projects in western Canada and the U.S. Midwest. Sequoia's "community first approach" has been instrumental in demonstrating that wind energy is a safe, reliable, economically sound, environmentally and socially responsible source of energy for North America. Sequoia's business model is based on the importance of partnerships and collaboration. Its corporate goal is to facilitate a smooth introduction of renewable energy into established energy production and transmission networks, bringing new income and economic opportunity to rural areas.

CONTACT:

Ron Diduch, Chief Executive Officer of Sequoia Energy, +1-204-927-0290, rdiduch@sequoia-energy.com;

or Media, Shirley Muir of The MediaBank Inc., +1-204-771-7523, themediabank@shaw.ca, for Sequoia Energy;

or Dr. Alexander Rohde, Corporate Secretary-Spokesperson of Good Energies, +41-41-560-66-60, alexander.rohde@goodenergies.com;

or North American Media, Kenny Juarez, kwj@abmac.com, or Nadine Slater, ncs@abmac.com, both of The Abernathy MacGregor Group, +1-212-371-5999, for Good Energies