AWSL in Discussions Regarding Prospects for the Company's Renewable Energy Systems Under India's Progressive New Feed-in-Tariff
Source: Atlantic Wind & Solar Inc.
On Monday March 22, 2010
TORONTO--(Marketwire - 03/22/10) - Atlantic Wind and Solar Inc. (PINKSHEETS: AWSL) is pleased to report that it has been approached by various groups to quote on multiple wind and solar projects in India and discussions are continuing. Last fall, India's Central Electricity Regulatory Commission (CERC) announced a strategic move to use a comprehensive system of feed-in-tariffs (FIT) to advance this major developing economy's renewable energy potential. With 1.1 billion people and extraordinarily rapid economic growth, it is now clear that the growth potential for efficient Renewable Energy systems in India is enormous.
India's FIT Program
The introduction of India's FIT program (following India's previously announced National Action Plan on Climate Change that called for five percent of electricity generation in India to be from renewable sources by 2010 and to increase one percent per year for the next ten years) provides a framework for rapid growth in the adoption and development of Renewable Energy in the foreseeable future. Key elements in the Indian program include the following:
- Includes all Renewables
- Tariffs based on cost of generation plus profit (19% ROE)
- Contract terms: 13 years
- Contract term for Solar PV & Solar Thermal: 25 years
- Contract term for hydro < 3MW: 35 years
- Wind tariffs based on resource intensity
- First review within three years, except for solar PV which begins after one year
- Market size: ~1.1 billion people
Opportunity for Atlantic Wind & Solar Inc. in India
AWSL's advanced CIT technology has prompted numerous enquiries, including one company (Royal Commonwealth Trading Corporation) that has strong political ties in both India and Canada (both Commonwealth countries with similar laws in terms of structure) with a view to representing AWSL in India for purposes of marketing Atlantic Wind and Solar's CIT technology by implementing the Company's business model in India, under that country's new FIT program. It is envisioned that such a proposed arrangement would encompass both wind and solar projects using AWSL's high-efficiency CIT technologies.
"This is a particularly attractive time for Canadians to enter the Indian Energy market. In June 2008 Canada and India signed a foreign investment promotion and protection agreement (FIPA) which has lead to higher investment flows. When we work closely with Canada's export development corporation, we catch some of their momentum, which has gone up over 600% over the last few years. Couple this with India's serious 10% deficit in electricity megawatts, the opportunity for Atlantic Wind and Solar is obvious."
...Chairman- Royal Commonwealth Trading Corp, The Honorable Mr. Sinclair Stevens (http://en.wikipedia.org/wiki/Sinclair_Stevens).
AWSL... Poised for Growth
The acceleration of orders, 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 such as Wednesday's AIM Global Energy Inc. announcement.
AWSL is also in advanced discussions regarding a new international distribution network focused on global markets.
Atlantic Wind and Solar Inc. is also involved in discussions regarding additional technologies and prospective agreements aimed at broadening the Company's exposure to growth in the multibillion dollar Renewable Energy industry.
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.
As powerful new Renewable Energy incentives through tax treatments, grants and generous feed-in-tariffs are introduced in the America's and abroad, AWSL plans on fully leveraging its relationships, business model and proprietary technology to capture a significant share of these dynamic emerging markets.
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 enquiries, including established renewable energy integrators located in India, are asked to contact Mr. Gilles Trahan +1 800 891 1657 ext. 221. Email: email@example.com
For further coporate information and/or to subscribe for regular news updates from Atlantic Wind & Solar, please visit: www.atlanticwindandsolar.com
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.