Upower, Inc. Announces Execution of Two Power Purchase Agreements Totaling 100 Megawatts of Solar Power in Honduras

Upower, Inc. Announces Execution of Two Power Purchase Agreements Totaling 100 
Megawatts of Solar Power in Honduras 
WEST PALM BEACH, FL -- (Marketwired) -- 01/28/14 --  Upower, Inc.
("UPI," the "Company" or "we"), which plans to be an independent
power provider ("IPP"), announced today that two of its subsidiaries,
Produccion de Energia Solar y Demas Renovables, S.A., ("PRODERSSA")
and Pacific Solar Energy, Inc., ("PSE"), have each executed a 20-year
power purchase agreement ("PPA") with Empresa Nacional de Energia
Electrica ("ENEE"), the national energy company of Honduras, to
build, and operate on a long term basis, a two solar photovoltaic
projects totaling 100 megawatts of power production.  
UPI plans for such projects, each for 50 megawatts of power
generation, to be built and installed by Wind Turbine and Energy
Cables Corp. ("WTEC") on a 420 acre parcel which UPI has already
leased on a long term basis, located in Nacaome, Honduras. WTEC,
together with its engineering arm Renewable Energy Resources Corp and
its construction arm Alternative Energy Development Corp, is a U.S.
nationally recognized engineering, manufacturing, procurement and
construction company dedicated to the alternative energy market. WTEC
has over 25 years of experience in renewable energy, with a renewable
energy portfolio of over 12 gigawatts of wind and 3 gigawatts of
solar power worldwide. 
Pursuant to the PPAs, ENEE has agreed to purchase from PSE and
PRODERSSA a total of 100 megawatts (50 megawatts each) of electricity
at a cost per kilowatt hour which may be subject to increase due to
certain incentives. These projects are expected to provide for job
creation in the Nacaome region of Honduras, and once operational,
will provide for needed increased energy production in such region
and serve as a catalyst for such region's continued economic growth.  
We are currently reviewing and negotiating the engineering,
procurement and construction contract between UPI and WTEC. 
Enrique Pallares, UPI's Chief of Business Development, who was
instrumental in the Company procuring these PPAs, was quoted as
saying "We are most excited and enthused about being integrally
involved with the development, construction and ongoing operation of
what will, together, be one of the larg
est solar powered power plant
facilities in Latin America and contributing to Honduras' employment
and continued economic growth through the use of clean energy."  
Brian Dick, Vice President and General Counsel of WTEC, stated: "As a
successful international developer of renewable energy projects, we
are looking forward to working with UPI on the build-out of these two
exciting solar power plant projects, and contributing to the
employment, economic growth and development of the Nacaome, Honduras
region by training a local workforce to build and maintain these
power plants."  
UPI's President, Enrico Marotta, commented that "These two 50
megawatt PPAs, which are the first to be completed by UPI, serve as a
tremendous start for us and serve to further our mission statement:
To generate electricity by building or acquiring power plants
globally, striving to maximize performance and returns for our
shareholders, while remaining environmentally conscious. We look
forward to working with WTEC and the Honduran government to make
these projects a reality." 
Forward Looking Statements
 Certain statements made by the Company,
its subsidiaries and members of its management team on its behalf in
this release and other periodic oral and written statements,
regarding the Company's operating performance, events or developments
that the Company believes or expects to occur in the future,
including those that discuss anticipated financial results,
strategies, goals, outlook or other non-historical matters, or which
relate to future sales, earnings expectations, cost savings, growth
of the Company or of the market for its products and services, or
general belief in the Company's expectations of future operating
results are forward-looking statements. All such forward-looking
statements are subject to risks and uncertainties, including but not
limited to the need by the Company for substantial additional working
capital to materially advance its business plan and the two solar
projects discussed in this press release; no assurances that the
Company will be able to secure such capital or the terms upon which
such capital may be secured, if at all; technology and other
challenges involved in the development and operation of the Company's
planned products and services, including the performance of
technology which may be utilized by the Company, compliance with
local, regional and national power generation, environmental and
related laws, and local, regional and national governmental
cooperation; local, regional and national economic considerations,
including residential and industrial energy demand; foreign currency
effects; the Company's ability to protect its intellectual property;
the ability to integrate acquisitions successfully and the risk that
expected synergies may not be fully realized or may take longer to
realize than expected; and competitors' product introductions,
pricing and other competitive pressures, as well as other risk
factors and uncertainties. Forward-looking statements included herein
are made as of the date hereof, and the Company undertakes no
obligation to update publicly such statements to reflect subsequent
events or circumstances. Actual results could differ materially from
anticipated results. 
Contact:
Upower, Inc.
561-427-1005 
 
 
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