Peaking power purchase agreement signed by Maxim

Maxim Power Corp. said that its wholly-owned subsidiary, Comax France S.A.S. has entered into power purchase agreements (PPA's) to provide 74 MW of electrical peaking services to Electricité de France for a term of eight years.

Comax will provide peaking service to EdF through ten distributed generation sites, five of which represent new sites acquired for this purpose and five of which are existing power plants being adapted for this purpose. The total investment is US$9.5 million, of which US$9.4 million or 98% is being provided by a number of French banks, and the remaining 2% is being provided by cash on hand. Work will be carried out through the spring of 2010 to reconfigure equipment at certain sites for commercial operations to commence on July 1, 2010.

Historically, Comax has focused on cogeneration applications whereby electricity is sold to EdF and thermal energy is sold to local businesses such as greenhouses. The provision of peaking services is intended to enable Comax to redeploy existing equipment on an economically attractive basis. Comax further anticipates developing and acquiring additional generating capacity to be contracted under this form of PPA. Comax has now total generation capacity of 184 MW of electricity and 81 MW of thermal energy.

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