Atlantic Wind & Solar Receives First Round of Government Contracts; Prepares for Construction
Toronto, ON Thursday, June 9, 2011 Atlantic Wind & Solar Inc. is pleased to report that the Ontario Power Authority (OPA) has formally approved three of it's initial Capacity Allocation Exempt (CAE) Power Purchase Agreement (PPA) applications, permitting the advancement of their first Ontario based, rooftop solar energy parks.
Representing approximately $13mil in secured gross revenues for the Company and its financial partners, these first three, fully processed, wholly owned, Feed In Tariff (FIT) contracts are the first of approximately 150 large, utility scale, rooftop solar energy projects the Company has been working on over the past two years.
Atlantic Wind & Solar CEO, Mr. Gilles Trahan comments "We have waited a long time by the side of our patient shareholders and channel partners for these initial contracts to be processed. They represent a long chain of coming progress for AWSL and its stakeholders - progress that will help elevate the Company to new levels of future success."
The Company is in the process of completing final engineering and procurement for each of the projects and looks forward to announcing construction dates in the near future. All three projects are expected to be completed in 2011.
As indicated in a recent Press Release, issued by the Ontario Power Authority, the Ontario government has committed to approving over 80 Power Purchase Agreement (PPA) contracts a week, over the next 10 weeks.
As confirmed on the OPA's list of Contracts Offered, released on May 26, 2011, Atlantic Wind & Solar's wholly owned Ontario subsidiary (Atlantic Solar Inc.), along with its many partners and clients will be receiving dozens more approved contracts within the next 10 weeks.
-To view a 3 min. "Corporate Overview" re AWSL's business model, (click here)
To view the Company's web site, 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:
Mr. Brent O'Connor
+1 416 900-0380 ext.223