Mr. Daniel Russell reports

SYNEX RENEWABLE ENERGY CORPORATION ANNOUNCES CLOSING OF SALE OF WIND PROJECT IN BRITISH COLUMBIA

Synex Renewable Energy Corp.'s wholly owned subsidiary, Sea Breeze Power Corp., has closed its previously announced disposition of Sea Breeze's wind energy project known as Bouleau Mountain wind project, located in British Columbia, Canada.

As previously disclosed, the purchase price of the wind project pursuant to the transaction is approximately $4.7-million, subject to entering into an electricity purchase agreement (as defined herein) with respect to the wind project, plus a royalty payment equal to 1 per cent of the gross revenue of the wind project. Upon closing of the transaction, the buyer paid Sea Breeze a cash payment of $400,000, and the remaining balance of the purchase price will be paid upon the wind project achieving certain milestones, including the entering into of an electricity purchase agreement with British Columbia Hydro and Power Authority (or other similar regulated utility) and the commencement of commercial operations of the wind project.

"With the sale of the Bouleau Mountain wind project, we have demonstrated our ability to monetize our significant wind portfolio at competitive prices. We are also thrilled that the project has been submitted to the BC Hydro call for power 2024 RFP, and we are confident that the project can achieve commercial operations in the next four to seven years. This will result in the achievement of all of the applicable milestones and lead to further value creation for the company," stated Daniel J. Russell, chief executive officer of Synex.

About Synex Renewable Energy Corp.

Synex, based in Vancouver, B.C., is a company engaged in the development, acquisition, ownership and operation of renewable energy projects in Canada. It has ownership interests in 12 megawatts of operating hydro projects in British Columbia, and owns a Vancouver Island grid connection and utility carrying on business as Kyuquot Power Ltd. The company also has 9.4 megawatts of construction-ready run-of-river projects, applications and land tenures on another 24 potential hydroelectric sites totalling over 150 megawatts of capacity, and approximately 16 wind development sites that could provide up to 4,700 megawatts of clean power in British Columbia.

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