BKS - CNSX
Frankfurt/Berlin Exchanges - WKN 871666
| July 31, 2013 Solar Flow-Through and its Partners to be Awarded 52 Contracts Totaling 12.18 MW AC for Solar Power Development in Ontario | |
| VANCOUVER - Solar Flow-Through 2012-I Limited Partnership ("Solar Flow-Through"), a limited partnership established by Berkley Renewables Inc. ("Berkley") under the laws of British Columbia, reports that 52 of 126 applications filed with the Ontario Power Authority (OPA) to develop solar power projects in the Province of Ontario will receive FIT contract awards under the FIT 2.1 program. FIT contracts with the OPA provide fixed purchase rates for solar power and are guaranteed by the OPA for 20 years. 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. | |
You can view the Next News Releases item: Thu Oct 10, 2013, Solar Flow-Through Raises $10M for Development of Commercial Rooftop Solar PV Projects in Ontario You can view the Previous News Releases item: Mon Jun 24, 2013, Ontario Power Authority Approves Seventy Berkley/Solar Flow-Through Projects to Final Review Stage You can return to the main News Releases page, or press the Back button on your browser. |