EarthFirst Canada Inc. ("EarthFirst") (TSX: EF, EF.WT) is pleased to announce that it has received an underwriting commitment for a $212.0 million senior secured credit facility from WestLB AG Toronto Branch and WestLB AG New York Branch (collectively “WestLB”). The proceeds from this credit facility will be used to partially fund the 144 MW Dokie I project, which is entering into its construction phase.

The proposed credit facility is composed of two tranches consisting of a $197.0 million construction phase plus 17 year term tranche and a $15.0 million, extendible seven year working capital/debt service reserve tranche. As part of its mandate, WestLB may also arrange a $55 million construction plus 20 year term fixed rate tranche with institutional lenders which would then reduce the $197 million tranche to $142 million. The proposed facility is anticipated to close on or before May 15, 2008. WestLB intends to syndicate the facility in the near future. The proposed facility is subject to customary conditions precedent for transactions of this nature.

The 144 MW Dokie I wind power project is located approximately 150 kilometers southwest of Fort St. John in the Peace River Region of British Columbia. EarthFirst expects to install the first eight wind turbines during 2008 and the remaining 40 wind turbines during 2009.

Commenting on the announcement, Ron Percival, President of EarthFirst said, “This commitment letter represents another significant milestone reached to complete the Dokie I project.”

Also commenting on the announcement, Robert Toole, Chief Executive Officer of EarthFirst said, “With this commitment from WestLB and the funds from our successful IPO we now have the funding anticipated to complete the Dokie I Project.”

EarthFirst is a leading Canadian developer of wind energy projects with a portfolio of over 2,500 MW of potential renewable generating capacity. This includes 174 MW which is expected to be in commercial production by the end of 2009 and an additional 226 MW which are fully permitted and expected to be tendered into the BC Clean Power call this year. Common Shares and Warrants of EarthFirst Canada Inc. are listed on the TSX under the symbol EF and EF.WT, respectively.

WestLB AG is a European commercial bank with firm roots in North Rhine-Westphalia, Germany’s largest federal state. With total assets of € 285.3 billion as at December 31, 2006, it is one of Germany’s leading financial services providers. It is the central institution for the savings banks in North Rhine-Westphalia and Brandenburg, and as an internationally operating commercial bank it acts as their link to the global financial markets. Working in close partnership with the savings banks, WestLB offers the full range of products and services of a universal bank, focusing on lending, structured finance, capital market and private equity products, asset management, transaction services and real estate finance.

WestLB is very active in arranging and distributing debt financings in the renewables space. Over the past three years, WestLB has established itself as a lead financier in the renewables space, which includes biofuels, wind power and solar financing amongst others. "We are pleased to have been engaged by Earthfirst to arrange their inaugural financing, which supports the build-out of the Dokie I Project. This wind financing will also positions us well in Canada in terms of expanding our renewables and power franchise globally." said Tom Murray, Global Head of WestLB's Global Energy. "This financing seeks to tap into capital from various markets in order to optimize Earthfirst's execution." said Manish Taneja, Global Head of Syndication and Debt Capital Markets at WestLB.

For further information, please contact:

Grant Bunker
Director, Investor Relations
EarthFirst Canada Inc.
Tel: (416) 628-2164
Toll Free: 1 866-622-4715
E-mail: gbunker@earthfirstcanada.com

Derren Newell
VP, Finance and Chief Financial Officer
EarthFirst Canada Inc.
Tel: (403) 513-0766
Toll Free: 1 877-513-0777
E-Mail: dnewell@earthfirstcanada.com

Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation including the timing and composition of the construction of the Dokie I Project, anticipated costs to complete the Dokie I Project and the timing to close the bank financing. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of EarthFirst to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Specifically, some of the material risks include delays in construction timing or turbine delivery and increases in construction costs. In providing such forward-looking information we have made various assumptions regarding, among other things, interest rates, foreign currency exchange, projected construction costs, timeframes and the costs of and availability of skilled labour.

The forward-looking information contained in this news release represents the expectations of EarthFirst as at February 20, 2008, and, accordingly, is subject to change after such date. However, EarthFirst expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

File	Language	Size
EFC-PR08_2008-02-20 credit commitment_FINAL.pdf	en	122.07 KB