QUITO, Ecuador, Jan. 28, 2013 /PR Newswire/ -- 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
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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.
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SOURCE Atlantic Wind & Solar