Atlantic Wind & Solar receives Notice to Proceed (NTP) from Ontario Power Authority on 3 utility scale rooftop projects
TORONTO, April 19, 2013 /PRNewswire/ -- Atlantic Wind & Solar (OTC: AWSL) and its wholly owned Ontario subsidiary, Atlantic Solar Inc., is pleased to report they have received Notice To Proceed (NTP) letters on 3 utility scale rooftop projects.
Located in the Greater Toronto Area, the 3 projects have a name plate capacity of 600 KW AC and will be constructed for total costs of approximately $3,000,000.
The projects are expected to generate 12.3 million kilowatt hours of clean electricity over the next 20 years. The energy produced will be sold to the Ontario Power Authority under the province's Feed-In-Tariff at a rates of $.635/kWh for one project and $0.713/kWh for the other two.
The approval follows the successful completion of all technical connection studies and reports required by the local distribution company as well as the Domestic Content Plan plus proof of financing as required by the OPA.
Construction is expected to commence shortly.
Additional NTP'S are expected over the coming weeks. Management looks forward to announcing updates on construction and on the development of our renewable energy pipeline in Ontario and abroad.
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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 statements.
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SOURCE Atlantic Wind & Solar