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September 23, 2009
For immediate release

TD Bank Financial Group to Purchase Renewable Energy Credits from East Point Wind Farm

Environment, Energy & Forestry

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A purchase agreement between the Prince Edward Island Energy Corporation and TD Bank Financial Group marks the beginning of a potentially lucrative market for renewable energy credits tied to the Island’s wind power system, says Environment, Energy and Forestry Minister Richard Brown.

Minister Brown, in Toronto for a meeting of the Canadian Wind Energy Association, met with Karen Clarke-Whistler, TD’s Chief Environment Officer. Over the 20 months from August 1, 2009 to April 1, 2011, the bank will buy certificates equivalent to a total of 10,322 megawatt hours of wind-generated electricity.

Each Renewable Energy Certificate (REC) represents the generation of one megawatt hour of renewable energy. The East Point Wind Farm is certified according to Environment Canada’s Environmental Choice Program.

“This agreement shows TD’s commitment to using green power sources as well as the potential of REC sales to support wind development on Prince Edward Island,” said the minister.

“The East Point Wind Farm produces 90,000 megawatt hours of power each year so there are still potential sales of more than 80,000 RECs per year from this project. All of that money goes to help support energy development and to lower electricity prices for Islanders,” he said.

“TD is one of Canada’s largest corporate purchasers of renewable energy,” said Clarke-Whistler.

“All of TD’s electricity consumption in PEI, Nova Scotia, Saskatchewan, Alberta and BC is powered by renewable energy - as is our entire Canadian network of ABMs,” she said.

Media Contact: Ron Ryder
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