The company has signed a Letter of Intent to acquire up to a 30% interest in two large proposed coastal wind power projects in the Western Seaboard of the US from Zero Carbon Wind Energy Corp. See: http://www.zero-carbon-energy.com/
Consideration will be the issuance of 75 million restricted PVRE shares and payment of 60% share of preliminary expenses.
The California and Oregon Coastal Clean Power projects are each for 10,000 MW output, making them the largest proposed wind power projects in the West.
The annual wind force in the wind lease application areas is the highest in the Western United States, creating double the annual electricity output and significantly higher profitability.
The Company and partners plan to secure available US Government, 30% clean energy capital grant and low-interest project loan guarantees to finance up to 100% of the project construction costs.
Potential clean energy revenues of approximately $2 billion per year would accrue to PVRE’s 30% equity, when completed.
California has mandated to secure 33% of its energy from renewables by 2020 and these clean power projects are the only ones large enough to enable utilities to meet the mandate at affordable rates.
The project’s capital cost is estimated at one quarter that of a nuclear, coal or conventional wind plant. The wind-fuel is free.
Construction timelines are much shorter than for conventional power projects and can be completed in stages.
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