SkyPower files final prospectus for skypower fund

Market News Publishing December 20, 2005 Tuesday 5:33 AM EST

SKYPOWER CORP (“ZIPO-TV”) – SkyPower Files Final Prospectus for SkyPower Wind Energy Fund LP

SkvPower Corp. announced that SkyPower Wind Energy Fund LP (the “Partnership”) has filed a final prospectus for its initial public offering (the “Offering”) of a minimum of seven million and a maximum of 10 million limited partnership units. The Offering is scheduled to close on December 23, 2005.

The Offering is expected to raise gross proceeds of between $70 and $100 million. Net proceeds of the Offering will be used to invest in shares of Terrawinds Resources Corp. (“Terrawinds”), which will own, construct and then operate a 201 MW wind park near Riviere-du-Loup, Quebec (the “Facility”). Terrawinds will use the proceeds  to fund the cost of building and operating a test phase for the Facility (the “Test Phase”). The Partnership anticipates that most of the costs of the Test Phase will qualify as Canadian Renewable and Conservation Expenses (“CRCE”) under the Income Tax Act (Canada). CRCE eligible expenses are 100% deductible for income tax purposes and will be flowed through to investors in the Partnership. As a result, investors in the Partnership are expected  to be entitled to claim certain tax deductions from income for the 2005 taxation year as a result of their investment.

Following the installation of the Test Phase wind turbines, and upon satisfactory completion of a 120-day  test period, Terrawinds intends to complete the installation (the “Infill Phase”) of the balance of the Facility using construction debt financing. Upon completion, the Facility is anticipated  to be one of the largest wind energy parks in North America.

The syndicate of agents for this offering is being led by RBC Capital Markets and Scotia Capital as joint bookrunners, BMO Nesbitt Burns as co-lead manager, and TD Securities, Genuity Capital Markets, Dundee Securities, Canaccord Capital, Desjardins Securities, and HSBC Securities (Canada) as co-managers.

About SkvPower Corp.

SkvPower Corp. is a privately owned and controlled wind energy development company based in Toronto, Ontario. The Company is focused on becoming the largest owner and operator of wind parks in Canada and currently has developed a national footprint with interests in 23 wind power projects at various stages of development in eight provinces in Canada, representing more than 5,500 MW of capacity. SkyPower is actively developing partnerships with growth-oriented communities and First Nations, leveraging its management expertise in building and managing large multinational projects, and drawing on its relationships with leading North American suppliers and financial institutions. TEL: (416) 979-4625 Kerry Adler, President and CEO

SkvPower Corp. TEL: (416) 815-0700 ext. 228 Bruce Wigle, Investor Relations, The Equicom Group.