Wind power and solar power are sound options
                         for green-minded investors

    TORONTO, April 20 /CNW/ - Sustainably-minded investors shouldn't have to
choose between accumulating green in their portfolios and supporting the
protection of the environment says Bob Gorman, Chief Portfolio Strategist, TD
Waterhouse.
    "Investors interested in the renewable energy sector may have found it
difficult in recent months to stick to their principles," says Gorman, who
points to the recent performance of such stocks as illustrated by the Credit
Suisse Global Warming Index, which fell by two-thirds from peak to trough.
"However, in spite of this recent setback, there are some sectors that
currently present good value."
    "Wind power is an area for consideration," says Gorman. "If one looks at
the rise of crude prices from their cyclical lows coupled with the U.S.
government's support of green energy, including the wind production tax credit
through to 2012, we see an opportunity for green-minded investors."
    In 2008, according to the Global Wind Energy Council, global wind
installations grew by 28.8%, at a cost of $47.5 billion (U.S.). That same
agency, along with the U.S. Department of Energy, expects American wind power
to grow substantially in the next 20 years. "While long-range forecasts for
any technology should be viewed with caution, wind's increasing
cost-competitiveness augurs well," Gorman adds.
    "Green investors should also consider solar power - especially the
photovoltaic variety, which converts sunlight directly into electricity - as
it will likely become increasingly attractive to investors."
    The cost of high-grade polysilicon used in photovoltaic cells has been
declining sharply in price, as expansion of production capacity has cut the
cost per pound by more than 50% over the past year. This reduction in costs
has the effect of lowering the cost per kilowatt-hour of the energy produced.
    Gorman notes that the renewable energy sector has been oversold in recent
months, due to a perfect storm: the collapse of crude oil prices made
alternative energy less compelling; tightening and costlier credit made major
capital expenditures less viable; and stocks with high price/earnings
multiples were harder hit in the market downturn. However, this sector may now
represent a good buying opportunity.
    "Many Canadians use Earth Day as an opportunity to take stock of their
carbon footprint and make resolutions to help the environment by using public
transportation and recycling," says Gorman. "Investors who value
sustainability can use this opportunity as well to consider their green
investment strategy."
    As always, investors should do their own research or speak with their
advisor to ensure that any investments they undertake meet their objectives
and are consistent with their risk profile.

    About TD Bank Financial Group

    The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Financial Group. TD Bank Financial Group is the sixth largest bank in
North America by branches and serves approximately 17 million customers in
four key businesses operating in a number of locations in key financial
centres around the globe: Canadian Personal and Commercial Banking, including
TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse
and an investment in TD Ameritrade; U.S. Personal and Commercial Banking
through TD Banknorth and TD Bank, America's Most Convenient Bank; and
Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks
among the world's leading online financial services firms, with more than 5.5
million online customers. TD Bank Financial Group had CDN$585 billion in
assets on January 31, 2009. The Toronto-Dominion Bank trades under the symbol
"TD" on the Toronto and New York Stock Exchanges.

For further information: For an interview with Bob Gorman to discuss his
stock picks for the wind and solar power industries, please contact: Barbara
Timmins, (416) 307-6498