EPCOR Power L.P. and EPCOR Power Equity Ltd. announce initial quarterly dividend on the Cumulative Redeemable Preferred Shares, Series 1 issued by EPCOR Power Equity Ltd.
EDMONTON, Alberta - September 5, 2007 - EPCOR Power L.P. (TSX: EP.UN) ("the Partnership") and EPCOR Power Equity Ltd. (TSX: EPP.PR.A) ("the Corporation"), a subsidiary of the Partnership, announce that the Corporation has declared the initial quarterly dividend of $0.42305 per share on its Cumulative Redeemable Preferred Shares, Series 1 ("Series 1 Shares").
The dividend is to be paid on September 28, 2007 to shareholders of record at the close of business on September 17, 2007. The dividends are 100% eligible dividends as defined by the Income Tax Act. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits that reduce the income tax otherwise payable.
This initial quarterly dividend for the Series 1 Shares represents approximately a four month time period from May 25, 2007, when the initial share offering closed, to September 30, 2007. Future quarterly dividends, if declared, will be $0.303125 per quarter or $1.2125 per annum.
About EPCOR Power L.P.
Established in 1997, EPCOR Power L.P. is a limited partnership organized under the laws of the Province of Ontario. The Partnership, directly and through subsidiaries, including the Corporation, has an ownership interest in a portfolio of 20 power generation assets in Canada and the United States with total net generating capacity of 1,287 megawatts and more than three million pounds per hour of thermal energy. The Partnership, through the Corporation, also owns a 15.4 per cent interest in Primary Energy Recycling Holdings LLC ("PERH"). PERH wholly owns four recycled energy assets in the United States with an aggregate generation capacity of 284 megawatts and nearly two million pounds per hour of thermal energy, and holds a 50 per cent interest in a pulverized coal facility. Primary Energy Ventures LLC, a subsidiary of the Partnership, manages and operates these facilities for PERH. The Partnership's web-site is http://www.epcorpowerlp.ca/
About EPCOR Power Equity Ltd.
The Corporation was incorporated under the laws of the Province of Alberta on June 26, 1998 and is a subsidiary of the Partnership. The Corporation operates as a holding company and indirectly holds all of the Partnership's business and power generation and other assets in the United States, including the Partnership's Castleton, Curtis Palmer, Manchief, Frederickson, Naval Station, North Island, Naval Training Center, Oxnard, Greeley, Kenilworth, Roxboro and Southport power generating facilities. These facilities have a total generating capacity of approximately 967 megawatts (representing approximately 75 per cent of the total generating capacity of the Partnership's assets) and approximately three million pounds per hour of thermal energy (representing 100 per cent of the total thermal energy capacity of the Partnership's assets). In addition, the Corporation holds, through a wholly-owned subsidiary, the Partnership's overall 15.4 per cent equity interest in PERH.
For more information, please contact:
Media Inquiries: Tim LeRiche (780) 969-8238
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