Atlantic Wind & Solar Advances Utility Scale Rooftop Solar Project in the City of Milton, Ontario
June 08 2010 - 7:00AM
Marketwired
Atlantic Wind & Solar Inc. (PINKSHEETS: AWSL) is pleased to
announce that it has entered into an option to lease agreement with
a leading Canadian metal manufacturing company, located in the city
of Milton, Ontario.
The agreement encompasses the advancement of a 50,000 square
foot commercial rooftop which will be utilized to host one of
Atlantic's highly efficient 250kW photovoltaic (PV) solar energy
systems upon it.
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.
Sales and Marketing Contacts Property
owners and managers with unobstructed commercial rooftops of 30,000
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.
All other Renewable Energy system inquiries are asked to phone
+1 416 900-0380 or email info@atlanticwindandsolar.com
For further corporate 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: Geneva Bancorp. Mr. Brent O'Connor
Phone: +1 (416) 900-0380 ext.223 Email: Email Contact
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