Toronto, Canada - Jan 27, 2014, Atlantic Wind & Solar, Inc. (OTC: AWSL) is pleased to update its shareholders regarding its most advanced projects in its pipeline and its financial results on operations.
Sales continued to climb with gross sales for the quarter at $2,073,468 equating to $5,488,588 for the first 9 months of 2014. The sales are almost double the same period in 2013.
Profitability continued reporting $971,594 for the first 9 months or $.021 per share - up substantially from the previous years losses.
With the completion of more projects in the quarter a significant percentage of the payables and receivables have now been settled with more set for Q4/Q1.
Solar PV Pipeline
Atlantic Solar has continued to develop a number of projects in Ontario, Canada with 9 projects connected to the grid and now supplying power to the Ontario Power Authority. As part of a solar development contract a number of these projects were purchased and are now owned and operated by an Ontario municipality.
“There is a very strong demand for completed projects in Ontario.” says Chairman Gilles Trahan. “There is much less appetite for the time and work that goes into developing these projects from scratch. Atlantic continues to see an opportunity in having a presence in Ontario coupled with a patient understanding of the process.”
Atlantic has signed a Letter of intent to sell its interest in its 20 MW Lagarto project in South America. Under the terms of the agreement, Atlantic would earn a one-time developer fee plus a gross production royalty that would result in over 15 years of cash flow.
Management expects to report similarly positive results and to move these projects, as well as new ones, forward over the balance of the year.
To view the full Q3 2014 Annual report filed with OTCMarkets Click here. For all our financial and disclosure reports click here.
About Atlantic Wind and Solar Inc:
Atlantic is a developer of utility scale renewable energy plants with over 650 MW's of projects at various stages of development in Canada, South America and the Caribbean.
SOURCE: Atlantic Wind & Solar Inc.
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