Atlantic Wind & Solar Participates in CONELEC's Ceremonial Signing in Quito,
QUITO, Ecuador, Feb. 4, 2013
QUITO, Ecuador, Feb. 4, 2013 /PRNewswire/ --Atlantic Wind & Solar (OTC: AWSL)
and affiliate Atlantic Energy Ecuador, are pleased to report that they
participated in the Ceremonial Subscription to Enable Title on Phase 1 of
their 50 MW photovoltaic energy project, hosted by the National Electricity
Council of Ecuador (CONELEC).
The ceremony, held in Quito, was attended by Atlantic's senior executives,
board members of CONELEC, local press, and government officials including:
Esteban Albornoz - the Minister of Electricity and Renewable Energy, Rafael
Poveda - the Minister Coordinator of Strategic Sectors, and Sergio Ruiz -
Member of the Board of Directors of CONELEC and Permanent Representative of
the President of the Republic of Ecuador.
Representing Atlantic, Mr. Gilles Trahan, Chairman and CEO, Ms. Venecia
Gafter, Director of Business Development Latin America, and Ms. Yamel Azar,
Atlantic's in-house Council, watched as Mr. Jorge Gafter, General Manager of
Atlantic Energy Ecuador, signed the certificate of Enabling Title with Dr.
Francisco Vergara, Executive Director of CONELEC.
The Enabling title for 20 MW AC of nominal power, represents Phase 1 of the
Company's 58.43 MW DC Power plants in the province of Esmeraldas.
The projects' total cost will be approximately USD 150 million with Phase 1,
in the town of Lagarto about 70 kilometres from the city of Esmeraldas,
constituting roughly half of this. The combined Phases will be larger than any
currently operational PV power plant in South America.
Atlantic's Chairman and CEO Gilles Trahan comments, "In addition to the recent
approval of our first 58.43 MW of projects in Ecuador, Atlantic remains
committed to advancing an additional 181 MW of projects, previously applied
for under CONELEC's FIT program beginning in 2011." Trahan continued "In
preparation for the commencement of Ecuador's FIT, the Company began forming
strategic alliances with anticipation of expanding operations into South
America in late 2010. Identifying new emerging markets early while
strategically positioning ourselves accordingly is the Company's model for
rapid, sustainable growth."
Ecuador Feed-In-Tariff (FIT)
On May 14, 2011 the electricity authority of Ecuador announced the formal
adoption of a Feed-In-Tariff (FIT) program for Solar Photovoltaic, Wind, Hydro
and Biomass energy generation. Under the terms of the FIT, the electrical
authority will purchase power produced by Solar PV at a rate of .4003 per KWh.
Future awarded contracts may be subjected to a new rate, anticipated to be
reviewed by the Electricity Council in the coming months.
Atlantic Wind & Solar remains committed to developing utility scale solar
projects in Canada, Central and South America and Europe with over 300 MW's of
Solar PV projects in various stages of development.
About Atlantic Wind & Solar
Atlantic Wind & Solar Inc, operates one of the fastest growing renewable power
platforms in the market, making it, as a publicly-traded corporation, a rare
pure-play investment in renewable energy.
Its portfolio is primarily solar PV and totals approximately 300 megawatts of
name plate capacity in various stages of development. It is diversified across
22 municipalities in Ontario, Canada and 5 regions in Central and South
America including, Ecuador and Peru. Atlantic recently submitted 28
applications for FIT 2.0 in Ontario and already has projects in the works for
submission to FIT 3.0 in anticipation of Ontario continuing their program into
the future. Once fully contracted this portfolio of high-quality assets, plus
strong growth prospects, positions the Company to generate stable, long-term,
cash flows supporting regular and growing cash distributions to stakeholders.
To View the full release visit: http://atlanticwindandsolar.com/news-71.html
Visit the company's web site, at: 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 OTCMarkets.com
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
Investor Relations Contact:
+1 416 900-0380 ext.223
SOURCE Atlantic Wind & Solar
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