This 25-year project, referred to as the Texas Coastal Clean Power Project, requires the manufacturing, installation and operation of at least 5 wind farms, each of which generates approximately 10,000 megawatts (MW) of electricity per hour for a total of 50 gigawatts (GW) per hour. The wholesale value of the electricity from each 10GW facility is approximately $2.5 billion to $5.0 billion per year. The JV’s proposal offers to pay the Texas state government a 1% royalty for ten years, rising to 2% after ten years in net electricity revenue from the wind farm. Upon receiving an award, the JV intends to secure available U.S. Government clean energy grants for 30% of the project’s construction costs and low-interest, loan guarantees from the U.S. Government to finance the remaining 70% of the project’s cost.
Peter Sterling, President and Chief Executive Officer of Pavilion, commented, "This project will develop a new source of clean, renewable electricity, and help mature next-generation, offshore, wind power technologies which:
— Generate energy at a more competitive cost than any other generating technology;
— Provide new zero-carbon power generation that enhances local economic growth and prosperity;
— Stabilize the Texas transmission grid by diversifying generating capacity and provide peak load power;
— Produce no negative environmental impacts on the marine or coastal environments while creating new safe habitats for fish and recreational fishing; and
— Create new local jobs for the design, fabrication and installation of new wind power technology and for operation and maintenance of the wind farms."
Pavilion Energy Resources is an alternative energy company specializing in the acquisition of offshore wind farm locations, which typically produce twice as much wind as on-shore locations in the same region. Pavilion’s joint venture partner, Zero Carbon Energy Wind Corp., currently holds a patent pending for a wind power technology which amplifies the ambient wind speed by approximately 1.5 to 1.8 times (e.g., 20 mph ambient wind speeds become 30 to 36 mph). This "accelerator airflow wind generator" produces 400% more turbine power per dollar of capital than existing technology. Environmentally-friendly, renewable, wind power has the potential to become the leading energy resource for the next millennium.
Pavilion Energy Resources, Inc.: 20GW Wind Energy Projects Acquisition
Pavilion Energy Resources, Inc. (Pinksheets:PVRE – News) (the "Company") announces that the Company has secured a new multi-billion dollar renewable energy business opportunity on the US West Coast.
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 10,000MW 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.pavilionenergyresources.com/