TORONTO, July 5, 2012 /PRNewswire/ -- Atlantic Wind & Solar Inc. (OTC:AWSL) wishes to update shareholders regarding Atlantic's FIT projects - both contracted and applied for.
The Company continues to move its existing contracts closer to construction, working through issues of timing and connectivity, while preparing for the opening of the Ontario Power Authority's re-submission window for many other projects currently in the application phase.
There has been much discussion of the new FIT 2.0 ("FIT two point oh" - as it is known colloquially) rules. It is generally felt that the new stronger requirements serve to keep the most interested parties involved while companies that thought to dabble in the business move on to other things. The "solar coaster" business, it turns out, is not for everyone.
"The Feed-in Tariff style program remains the best method for governments to encourage the use of renewable energy. It just doesn't seem to work as quickly as everyone expected," stated Gilles A. Trahan, Atlantic Chairman and CEO. "In Ontario the OPA gave contract holders three years to complete. Everyone, including Atlantic, thought this was an eternity, knowing that these projects could be constructed in 60 to 90 days once all was in place. It seems the OPA had the foresight to expect the unexpected and here we all are."
Atlantic continues its work in Ontario and elsewhere and looks forward having project completions to announce in the fall.
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.
SOURCE Atlantic Wind & Solar Inc.