Golden Age Resources, Inc. (GDAR) Announces Construction Plans and Financing of Cogeneration Pilot Project in Mexico
PALM BEACH GARDENS, Fla., May 11, 2015 /PRNewswire/ -- GOLDEN AGE RESOURCES, INC., (OTC PINK: GDAR) a leading energy provider for large-scale "Green" power plants in Latin America and the Caribbean, today announced construction plans and financing on Cogeneration Pilot Project as mentioned in previous Press Release dated April 28.
Mr. Thomas Wolff, Vice President of Golden Age Resources Mexico S de R.L. stated: "The 100Kw Biomass to Energy Plan will build as a scalable WTE (Waste to Energy) Plant with a 2 Mw/hour output by using organic municipal and/or sisal waste with planned implementation of the new fuel cell technology provided from our Strategic Alliance Partner GEI Global Energy Corp."
As soon as the plant reaches initial planned capacity of 2mW/Hr the total energy produced will be 17.52 gW/Yr. The energy generated from the WTE plant will be sold to the CFE (Commission Federal de Electricidad) with a signed 20 year Power Purchase Agreement.
Construction of the Cogeneration Pilot Project will take place on a leased parcel of land that is 800,000m2 of total area. The initial pilot project will only require 20,000m2 of the parcel, with the remainder of the land to be used for future construction of larger WTE plants. By integrating GEIG's new fuel cell technology with further increase of power production, the additional plants are estimated to produce more than 200gW/h per year.
The construction of the Cogeneration Pilot Project is to begin in Q4 of 2015. The estimated build time and installation of the 2mW/h plant is 6 months. The plant is scheduled to "go online" in Q2 of 2016.
The complete cost for 2mW/h WTE pilot project and the integration of the new Fuel Cell Technology will be US$2,000,000. Financing of the project has been arranged through a US hedge fund with a signed US$ 7,000,000 Equity Line dated April 1, 2015.
Mr. Terence Byrne, CEO of The Company commented, "With this Financing committed to Golden Age Resources, Inc. and Golden Age Resources Mexico, it is forecasted that this Pilot Project will become profitable by Q4 2018 and will remain profitable through the end of the 20 year Power Purchase Agreement. Upon reaching profitability the projected profit will be US$ 876,000 per year."
This pilot project along with the US$ 7,000,000 financing will allow the Company to further develop both commercial and residential "Green" energy power production from both WTE and solar powered systems to produce operational cash flow for the Company during the construction period.
About Golden Age Resources, Inc.
Golden Age Resources, Inc. is dedicated to the construction and development of "Green" energy power solutions, the production of clean power with a low carbon footprint, financing solutions and investments into renewable projects, as well as combinations of both wind and solar energy systems in Latin America and Mexico.
GDAR, organized as a Nevada Company, has re-directed its core business to technology and Latin American and International solar energy markets providing project development, medium and long-term finance solutions and investments into solar energy related projects. This re-direction promises enhanced corporate and shareholder values.
For more information about Golden Age Resources, Inc., visit the Company's corporate website: http://www.gdarinc.com.
Forward Looking Statements: This press release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause future results to differ materially from the forward looking statements. You should consider these factors in evaluating the statements herein and not rely on such statements. The forward looking statements in this release are made as of the date hereof and Golden Age Resources, Inc. undertakes no obligation to update such statements.
CONTACT: Investor Relations, Mr. Joseph Sirianni, Telephone (800) 728-2047, EGM Firm Inc., E-mail [email protected]
SOURCE Golden Age Resources, Inc.
Share this article