Solar Flow-Through Raises $10M for Development of Commercial Rooftop Solar PV Projects in Ontario
In November and December 2013, Solar Flow-Through intends to apply for additional commercial rooftop and ground mount solar PV contracts under the OPA Small FIT 3 program. The company is in discussions with potential partners for its applications.
Berkley and Solar Flow-Through
Berkley owns 95% of Solar Flow-Through General Partner Ltd., the general partner of Solar Flow-Through (the "General Partner"), as well as Solar Flow-Through Management Ltd., the manager of Solar Flow-Through (the "Manager"). The General Partner is responsible for approving and monitoring Solar Flow-Through's various service providers, including the Manager. The Manager directs the affairs of, and provides day-to-day management services to, Solar Flow-Through. In exchange for its services, the Manager will participate in the profits of the Limited Partnership. Berkley, as 95% holder of the Manager, will be entitled to 95% of the profits generated by the Manager.
About Berkley Renewables
Berkley Renewables Inc. is a growth-oriented oil and gas issuer also pursuing renewable energy opportunities, primarily in the solar energy sector. Solar Flow-Through, a Canadian-based partnership, was formed to develop and operate solar photovoltaic power generation projects in the Province of Ontario. For more information, please contact Matt Wayrynen: 604.682.3701 or info@berkleyrenewables.com. Other information available at www.berkleyrenewables.com and www.solarflowthrough.com.
ON BEHALF OF THE BOARD
"Matt Wayrynen"
_________________________________
Matt Wayrynen
President and Chief Executive Officer
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. This release may contain statements that are considered as forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Solar Flow-Through and its Partners to be Awarded 52 Contracts Totaling 12.18 MW AC for Solar Power Development in Ontario
The project applications to receive contracts from the OPA were filed with various solar development partners and totaled 12.18 MW AC, or approximately 14.62 MW DC. Total capital costs for the projects are forecast to exceed $50 million, and the projects are expected to be developed during 2013 and 2014.
Working with First Nations and Community Co-operative Partners
Solar Flow-Through's network of solar developers submitted 126 projects to the OPA for approval in January 2013. Two First Nation bands as well as a community co-op were partners in the applications. All projects submitted were commercial rooftops and were 500 KW AC or less ("Small FIT"), which was the limit set by the OPA for Small FIT. Of the 126 initial applications, 70 moved to the final approval stage in June2013. On July 3, 2013, the OPA published the list of projects to receive contracts under Small FIT 2.1 which included 52 projects from Solar Flow-Through's network of solar developers.
Solar Flow Through will now proceed with new applications for the Small FIT 3 procurement window, which the OPA has stated will begin in the fall of 2013. The OPA has indicated that approximately 123.5 MW AC of contacts will be awarded in Small FIT 3.
Next Round of Financing for $10,000,000
As a result of the large number of applications awarded to Solar Flow-Through and its development partners, Solar Flow-Through intends to conduct a second Flow-Through Limited Partnership offering in the summer of 2013 for up to $10,000,000.
Berkley and Solar Flow-Through
Berkley owns 95% of Solar Flow-Through General Partner Ltd., the general partner of Solar Flow-Through (the "General Partner"), as well as Solar Flow-Through Management Ltd., the manager of Solar Flow-Through (the "Manager"). The General Partner is responsible for approving and monitoring Solar Flow-Through's various service providers, including the Manager. The Manager directs the affairs of, and provides day-to-day management services to, Solar Flow-Through. In exchange for its services, the Manager will participate in the profits of the Limited Partnership. Berkley, as 95% holder of the Manager, will be entitled to 95% of the profits generated by the Manager.
About Berkley Renewables
Berkley Renewables Inc. is a growth-oriented oil and gas issuer also pursuing renewable energy opportunities, primarily in the solar energy sector. Solar Flow-Through, a Canadian-based partnership, was formed to develop and operate solar photovoltaic power generation projects in the Province of Ontario. For more information, please contact Matt Wayrynen: 604.682.3701 or info@berkleyrenewables.com. Other information available at www.berkleyrenewables.com and www.solarflowthrough.com.
ON BEHALF OF THE BOARD
"Matt Wayrynen"
_________________________________
Matt Wayrynen
President and Chief Executive Officer
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. This release may contain statements that are considered as forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Ontario Power Authority Approves Seventy Berkley/Solar Flow-Through Projects to Final Review Stage
The Final Stage Approval Process
In the final Stage 4 of the application review approval process, the local electrical companies screen each project under the transmission availability test (TAT) and distribution availability test (DAT) against the local electrical grid's capacity. If a project passes both tests, and there is sufficient room left in the contract capacity that applies to their project type, the OPA will issue a FIT contract.
Working with First Nations and Community Co-operative Partners
Solar Flow-Through's network of solar developers submitted 126 projects to the OPA for approval in January 2013. Two First Nation bands as well as a community co-op were partners in the applications. All projects submitted were commercial rooftops and were 500 KW AC or less ("Small FIT"), which was the limit set by the OPA for Small FIT. All 16.82MW AC of the applications that were approved for final Stage 4 assessment involved Solar Flow-Through's First Nation and community co-operative partners. In addition to these projects awarded by the OPA, Solar Flow-Through intends to obtain economic interest in other solar developers' Small FIT projects that receive contracts from the OPA in this round.
Ontario Renews its Commitment to Renewable Energy
The Province of Ontario has renewed its commitment to small renewable energy projects by making 900 MW of new capacity available, between now and 2018, for the Small FIT and microFIT programs. The OPA has stated that the fall 2013 procurement window will include at least 70MW for Small FIT projects. Starting in 2014, Small FIT annual procurement targets will be set at 150 MW. In addition, Ontario has stated that it will develop a competitive procurement process for projects over 500 kW AC. Solar Flow-Through will leverage its strategic partners and intends to work directly with municipalities to identify appropriate project sites for new solar energy projects in these upcoming rounds.
Next Round of Financing for $10,000,000
As a result of the large number of its Small FIT 2 project applications proceeding to final Stage 4 assessment, Solar Flow-Through intends to conduct a second Flow Through Limited Partnership offering in the summer of 2013 for up to $10,000,000.
Berkley and Solar Flow-Through
Berkley owns 95% of Solar Flow-Through General Partner Ltd., the general partner of Solar Flow-Through (the "General Partner"), as well as Solar Flow-Through Management Ltd., the manager of Solar Flow-Through (the "Manager"). The General Partner is responsible for approving and monitoring Solar Flow-Through's various service providers, including the Manager. The Manager directs the affairs of, and provides day-to-day management services to, Solar Flow-Through. In exchange for its services, the Manager will participate in the profits of the Limited Partnership. Berkley, as 95% holder of the Manager, will be entitled to 95% of the profits generated by the Manager.
About Berkley Renewables
Berkley Renewables Inc. is a growth-oriented oil and gas issuer also pursuing renewable energy opportunities, primarily in the solar energy sector. Solar Flow-Through, a Canadian-based partnership, was formed to develop and operate solar photovoltaic power generation projects in the Province of Ontario. For more information, please contact Matt Wayrynen: 604.682.3701 or info@berkleyrenewables.com. Other information available at www.berkleyrenewables.com and www.solarflowthrough.com.
ON BEHALF OF THE BOARD
"Matt Wayrynen"
_______________________________________
Matt Wayrynen
President and Chief Executive Officer
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. This release may contain statements that are considered as forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Berkley Renewables' Announces Establishment Of Limited Partnership To Develop Solar Energy Projects In Ontario
The funds from the private placement financing will be used by Solar Flow-Through to develop and operate solar power generation projects in the Province of Ontario under the Ontario Power Authority's (OPA) Feed-in-Tariff (FIT) program. FIT contracts provide fixed purchase rates for solar power and are guaranteed by the OPA for 20 years.
Berkley owns 95% of Solar Flow-Through General Partner Ltd., the general partner of Solar Flow-Through (the "General Partner"), as well as Solar Flow-Through Management Ltd., the manager of Solar Flow-Through (the "Manager"). The General Partner is responsible for approving and monitoring Solar Flow-Through's various service providers, including the Manager. The Manager directs the affairs of, and provides day-to-day management services to, Solar Flow-Through. In exchange for its services, the Manager will receive an annual management fee equal to 1.5% of the amount invested by Solar Flow-Through in power generation projects, including borrowed amounts. Berkley, as 95% holder of the Manager, will be entitled to 95% of the profits generated by the Manager.
Berkley Renewables Inc. is a growth-oriented oil and gas issuer also pursuing renewable energy opportunities, primarily in the solar energy sector. Please visit our website at www.berkleyrenewables.com. For more information about Solar Flow-Through's business, please visit www.solarflowthrough.com.
For more information, please contact Matt Wayrynen: 604.682.3701 or info@berkleyrenewables.com.
ON BEHALF OF THE BOARD
"Matt Wayrynen"
_________________________________
Matt Wayrynen
President and Chief Executive Officer
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. This release may contain statements that are considered as forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Berkley Renewables Announces Private Placement
Berkley Renewables Inc. is a growth-oriented oil and gas issuer pursuing renewable energy opportunities, primarily in the solar energy sector.
For more information, please contact Matt Wayrynen: 604.682.3701 or info@berkleyrenewables.com.
ON BEHALF OF THE BOARD
"Matt Wayrynen"
_________________________________
Matt Wayrynen
President and Chief Executive Officer
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. This release may contain statements that are considered as forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.