West Virginia corporation Atlantic Wind & Solar (OTC: AWSL), with affiliate and co-developer Atlantic Energy Ecuador, reported this morning that they have received formal notice from the National Electricity Council of Ecuador (CONELEC), confirming two initial photovoltaic (PV) projects in the Province of Esmeraldas are to proceed under Ecuador’s feed-in tariff program.
The $150 million (USD) plants, representing 2 phases encompassing over 500 acres will be built in the province of Esmeraldas and will be larger than any currently operational PV plant in South America.
The projects combined represent 58.43 MW of DC solar PV generation. Each site will consist of 25 MW AC of nominal generation and will be located in the towns of Lagarto and Tonchigue respectively. Each phase shall connect to the transmission grid using the same local distribution company at different points and will generate in excess of 86,000 MWh per year of clean electricity; Enough energy to power 85,000 households, while offsetting annual CO2 emissions by nearly 50,000 metric tons. The equivalent of taking 10,000 cars off the road each year.
This advancement follows the successful completion of technical studies including, grid impact assessments, risk and environmental analysis and economic feasibility studies, each approved by CONELEC. In addition to initial study costs, Atlantic was required to provide approximately $2,000,000 in warranties to secure the Power Purchase Agreements (PPA).
The construction phase of the project will employ an estimated 500 workers while significantly boosting the local economy. Under a corporate social responsibility plan Atlantic will improve the area’s utility infrastructure, contributing 50% of associated costs in partnership with the local distribution company, plus build two playgrounds for the local children.
Lead developer in the project, Atlantic Wind & Solar’s CEO Gilles A. Trahan comments “These initial solar power generating facilities in Ecuador reaffirm Atlantic’s strategy to develop similar scale projects in new emerging markets where such social and environmental advancements have an immediate impact on the quality of life for all residents. We believe Ecuador’s progressive example will help fuel growth in the South American energy market through the next decade.”
Atlantic is active in this market with 50 MW of approved projects and 181 MW of projects in various stages of development.
The start up, publicly listed company currently trades on the OTC stock exchange under ticker symbol AWSL.
Ecuador Feed-In-Tariff (FIT) program
Selling Power Generated
The electricity authority of Ecuador announced on May 14, 2011 the 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 the power produced by solar PV at a rate of .4003 per KWh.
South American countries such as Ecuador are some of the best positioned markets in the world to leverage the benefits of large scale photovoltaic solar farms. This positioning is not only based on geography, being so close to the equator while offering some of the highest solar irradiance levels in the world, but also due to the region’s increased economic status’ and rapidly evolving energy demands.
SOURCE: Atlantic Wind & Solar Inc.
Tel. 1 416 900-0380