TORONTO -- (Marketwire) -- 07/13/10 -- Atlantic Wind & Solar Inc. (PINKSHEETS: AWSL) is pleased to announce that it has entered into an agreement with an Ontario commercial real estate developer which will allow it to develop and construct 6 additional utility scale solar (http://atlanticwindandsolar.com/solar.html) photovoltaic (PV) rooftop projects. The PV projects are expected to generate a combined power capacity of approximately 780 kW.
Under the agreement, Atlantic Wind & Solar will finance, build, own, operate, and maintain the solar energy systems hosted on the roofs of the commercial buildings and the electrical power generated from the systems will be sold directly into the grid to the Ontario Power Authority (OPA) (www.powerauthority.on.ca), for 71.3 cents per kilowatt hour for a total of 20 years, under the terms and conditions of the Ontario government's Feed-in-Tariff (http://atlanticwindandsolar.com/news-20.html) Program (FIT). The rooftop solar (http://atlanticwindandsolar.com/solar.html) PV systems will all be located in the Greater Toronto Area. Construction is expected to commence following FIT contract application approval.
Mr. Pierre Cousin, Atlantic's CEO, commented, 'Today's update not only reflects the advancement of another 6 projects, but also represents a total of 14 utility scale PV projects to have been quickly advanced into their final pre-construction stages in the last 5 weeks. FIT contract applications (for 20 year Power Purchase Agreements) have been submitted to the OPA and await final contract approval before construction begins.'
Mr. Cousin further stated, 'With a strong focus on sales execution, we are also pleased to report that we have increased our total qualified pipeline by 45% in the last six weeks. In addition, and complementary to our Canadian operation, we are working on a significant number of international projects which are expected to reinforce our global presence moving forward.'
AWSL... Poised for Growth
Through focused management, strategic alliances, and advanced technologies Atlantic Wind & Solar Inc. is poised for growth at the forefront of the massive global shift towards environmentally friendly, economical Renewable Energy. The Company is working with parties in the Real Estate sector in Ontario and abroad to secure rooftop leases suitable for AWSL's photovoltaic (PV) renewable energy systems.
As powerful new Renewable Energy incentives, such as friendly tax treatments, grants and generous government feed-in-tariffs, are introduced in the Americas and abroad, AWSL plans on fully leveraging its relationships, business model and advanced technologies to capture a significant share of these dynamic emerging markets.
Sales and Marketing Contacts
Property owners and managers with unobstructed commercial rooftops of 20,000 s/f or bigger in the Province of Ontario, Canada, and for which they are interested in possibly leasing to AWSL, are invited to contact Mr. Charles Mazzacato +1 800 891 1657 ext. 230.
For further information and/or to subscribe for regular news updates from Atlantic Wind & Solar, please visit: 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 Securities and Exchange Commission 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:
Mr. Brent O'Connor
Phone: +1 (416) 900-0380 ext.223
Email: Email Contact