The purchase and installation of this system will be financed by Atlantic and its funding partners.
Upon issuance of the Ontario Power Authority’s (OPA) Power Purchase Agreement (PPA), this rooftop solar system is expected to generate a 20 year revenue stream under contract, representing approximately $6 million under the Province’s Feed In Tariff (FIT) program. AWSL will be the sole recipient of revenues generated from this project.
Mr. Brent O’Connor, Geneva Bancorp Investor Relations Director for AWSL, commented, "Today’s update not only represents the advancement of another project from AWSL’s extensive pipeline, but perhaps most notable — represents the first project to have entered into its final pre construction stage which was introduced and processed by one of North America’s largest commercial real estate brokerage firms… This process included overseeing pre feasibility studies, structural engineering reports, proposals, rooftop assessments, long term lease agreements financing, insurance and finally the submission to the OPA for the power purchase agreement… Construction on this project and others is expected to commence immediately upon FIT contract approval."
Rooftop Solar Programs
AWSL offers landlords a number of different opportunities to capitalize on their unused commercial rooftop space for the use of utility scale solar energy parks. Aside from being willing to joint venture with landlords, the company also offers to lease rooftop space for a period of no less than 20 years, adding significant guaranteed cap rate value to the building. Rent for this space can be paid 100% up front, over the duration of 20 years, or the landlord may choose to take an equity position in the project.
AWSL… Poised for Growth
The acceleration of increased interest, financing, and other developments in the past few months augurs well for Atlantic Wind and Solar’s business and overall growth in 2010. The Company intends to further expand in 2010 through strategically targeted acquisitions and potential expansion to offshore Renewable Energy markets.
AWSL management is optimistic that the progress achieved over the past 12-18 months in establishing the Company as a leading developer in the Ontario Renewable Energy market has positioned Atlantic Wind and Solar for rapid growth and enhancement of shareholder value in the foreseeable future.