Atlantic Wind & Solar Receives Approval on 58.43 MW of Solar PV
Projects by National Electricity Council of Ecuador (CONELEC)
QUITO, Ecuador, Jan. 28, 2013 /PRNewswire/ -- Atlantic Wind &
Solar (OTC: AWSL), with affiliate and co-developer Atlantic Energy
Ecuador, is pleased to report the receipt of notice from the
National Electricity Council of Ecuador (CONELEC), confirming that two
initial photovoltaic (PV) projects in the Province of Esmeraldas
are to proceed under Ecuador's
feed-in tariff program.
The $150 million (USD) plants,
representing 2 phases, will be built in the province of Esmeraldas
and will be larger than any currently operational PV plant in
South America.
The projects combined represent 58.43 MW of DC solar PV
generation. Each site represents 25 MW AC of nominal generation and
will be located in the towns of Lagarto and Tonchigue
respectively.
The plants will generate in excess of 86,000 MWh per year of
clean electricity, enough energy to power 85,000 households, while
offsetting annual CO2 emissions by nearly 50,000 metric tons - the
equivalent of taking 10,000 cars off the road each year.
This advancement follows the successful completion of technical
studies including, grid impact assessments, risk and environmental
analysis and economic feasibility studies, each
approved by CONELEC.
Approval came in conjunction with Atlantic providing
approximately $2,000,000 in
warranties required to secure the Power Purchase Agreements
(PPA).
The construction phase of the project will employ an estimated
500 workers. Under a corporate social responsibility plan Atlantic
will improve the area's utility infrastructure, contributing 50% of
associated costs in partnership with the local distribution
company, plus build two playgrounds for the local children.
Lead developer in the project, Atlantic Wind & Solar's
CEO Gilles A. Trahan comments,
"These initial solar power generating facilities in Ecuador reaffirm Atlantic's strategy to
develop similar scale projects in new emerging markets where such
social and environmental advancements have an immediate impact on
the quality of life for all residents. We believe
Ecuador's progressive example will
help fuel growth in the South American energy market for the next
ten years."
Ecuador Feed-In-Tariff (FIT) program
The electricity authority of Ecuador announced on May 14, 2011 the adoption of a Feed-In-Tariff
(FIT) program for solar photovoltaic, wind, hydro and biomass
energy generation. Under the terms of the FIT, the electrical
authority will purchase the power produced by solar PV at a rate of
.4003 per KWh.
Atlantic is active in this market with 50 MW of approved
projects and 181 MW of projects in various stages of
development
To view the full release visit:
http://atlanticwindandsolar.com/news-70.html
Visit the company's web site, at:
www.AtlanticWindandSolar.com
Disclaimer: Shareholders and investors are strongly cautioned
against placing undue reliance on information set forth in these
communications in making any investment decisions concerning our
securities. The matters set forth in this press release are
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially.
These risks are detailed from time to time in the Company's
periodic reports filed with the OTCMarkets.com including the
Company's Annual Report, Quarterly Reports and other periodic
filings. These forward-looking statements speak only as of the date
hereof. The Company disclaims any intent or obligation to update
these forward-looking statements.
Investor Relations Contact:
+1 416 900-0380 ext.321
ir@atlanticwindandsolar.com
SOURCE Atlantic Wind & Solar