Upower, Inc., which plans to be an independent power provider, announced today that two of its subsidiaries, Produccion de Energia Solar y Demas Renovables, S.A., and Pacific Solar Energy, Inc., have each executed a 20-year power purchase agreement with Empresa Nacional de Energia Electrica, 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 regions continued economic growth. We are currently reviewing and negotiating the engineering, procurement and construction contract between UPI and WTEC.
Enrique Pallares, UPIs 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 largest solar powered power plant facilities in Latin America and contributing to Honduras employment and continued economic growththrough 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.
UPIs 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.
