Synex Renewable Energy Corporation (Formerly, Synex International Inc.) Announces Signing of 20-Year Electricity Purchase Agreement

Vancouver, British Columbia--(Newsfile Corp. - June 2, 2023) - Synex Renewable Energy Corporation (TSX: SXI) (Formerly, Synex International Inc.) (the "Company" or "Synex") is pleased to announce it signed a new 20-year Electricity Purchase Agreement ("EPA") through 2044 for its Mears Creek Plant with BC Hydro. The EPA is subject to regulatory approval by the British Columbia Utilities Commission.

"Mears Creek Plant has been providing electricity to the integrated grid on Vancouver Island for nearly two decades," said Daniel J. Russell, President & CEO of Synex. "The successful negotiation of another 20-year EPA demonstrates the long term viability of our power projects and we look forward to our future development of new projects in British Columbia with BC Hydro."

Mears Creek Plant is a 3.8-megawatt run-of-river hydro project located near Gold River on Vancouver Island, BC. Synex began operations for Mears Creek Plant in January 2004 when it was fully contracted under a 20-year EPA with BC Hydro that is set to expire in January 2024.

The terms and conditions are consistent with BC Hydro's EPA Renewal Program and commercially similar to Synex's existing EPA with BC Hydro.

About Synex Renewable Energy Corporation (formerly, Synex International Inc.)

Synex is a Vancouver, British Columbia based company engaged in the development, acquisition, ownership, and operation of renewable energy projects in Canada. It has ownership interests in 12 MW 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 MW of construction ready run-of-river projects, applications, and land tenures on another 24 potential hydroelectric sites totaling over 150 MW of capacity, and approximately 17 wind development sites that could provide up to 4,850 MW of clean power in British Columbia. For further information, visit www.synex.com.

For media inquiries, please contact:

Daniel J. Russell
President & CEO, Synex Renewable Energy Corporation. (Formerly, Synex International Inc.)
524 Locust St., Burlington, ON, L7S 1V2
Phone (905) 329-5000
E-mail: daniel.russell@synex.com

Cautionary Note Regarding Forward-Looking Information and Statements

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Synex's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Synex's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved", including the potential electricity output for the Company's wind projects and the finalization of the EPA.

By identifying such information and statements in this manner, Synex is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Synex has made certain assumptions. Although Synex believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; and the other risks disclosed in the Company's annual information form dated September 28, 2022 and available on the Company's profile at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected.

The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Synex does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Synex or persons acting on its behalf is expressly qualified in its entirety by this notice.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/168469