FIT Program Promises New Technologies for Secure Supply of Clean Energy

“ Ontario’s lucrative feed-in-tariff (FIT) program for renewal energy will mean the development of new and highly efficient energy technologies that will secure the Province’s clean energy supply for generations ”

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(iRealtyWire.Org) – TORONTO (February 8, 2010) -- Ontario’s lucrative feed-in-tariff (FIT) program for renewal energy will mean the development of new and highly efficient energy technologies that will secure the Province’s clean energy supply for generations, says the Chairman of Atlantic Wind and Solar Inc (AWSL), one of the Province’s leading renewable energy companies.
“Everyone’s in a bit of a scramble right now to get projects underway, “ says Gilles Trahan, Chairman of AWSL. “We are expanding our staff and training programs to ensure that the Company keeps abreast of the growing number of requests and projects being undertaken.”
Since the Ontario Power Authority launched the Province's new FIT program last October, AWSL and other green power/renewable energy companies have focused on the enormous rooftop solar energy opportunities across Ontario, particularly in commercial developments.
AWSL, through its 47.5%-owned Canadian affiliate Hybridyne Power Systems Canada Inc. (HPSC), is in the process of installing a turnkey 2000 Kw peak capacity photovoltaic (PV) energy park with a projected capex of approximately $16.8 million in Brownsville, about 80 kilometres east of Toronto on the outskirts of Newcastle, Ontario
When the Brownsville project is completed later this year, the 10-acre solar energy park, with more than 90% Canadian and 50% Ontario content, will deliver enough clean energy to power more than 360 gas-heated homes each year.
Wholly-owned subsidiary Atlantic Solar Inc. has entered into a partnership with The Remington Group Inc., one of the leading commercial and residential real estate developers in Ontario, for the installation of up to $15 million of the Company’s solar energy parks on Remington-owned rooftop facilities. The purchase and installation of these eco-friendly renewable energy systems will be financed by a 50/50 joint venture between Remington Group and AWSL through a Limited Liability Partnership (LLP.)
In December, 2009, AWSL announced that it had commissioned the first Hybrid Renewable Energy Supplemented Data Centre in North America. The groundbreaking system was constructed over the previous 6 months for Pizza Pizza Limited.
Proprietary technology gives Atlantic Wind and Solar a significant advantage in marketing its renewable energy systems: An advanced Converter/Inverter Technology (CIT), which is specifically designed to convert direct current (DC) energy from the photovoltaic panels into usable alternating current (AC) electricity for the Ontario utility grid, provides up to 30 percent more kilowatt hours per year of clean, renewable electricity compared to conventional inverter technology. This advanced technology, while slightly more expensive than current inverter technology, has less of a “drop-off” rate (efficiency loss), providing a significantly higher return on investment for the Company’s systems.
Trahan said the Province signaled its long-term energy strategy with the cancellation of two nuclear energy projects last year, deeming them too costly to build and maintain.
“The race is on to develop more efficient renewable energy technologies, which will have the effect of not only managing energy costs in the long term, but also securing a source of clean renewable energy for Ontario’s citizens” Trahan said. Citing studies that have shown Ontario to have solar and wind resources that are superior to those of Germany, Europe’s leading renewable energy-using nation, Trahan noted “As long as the sun shines and the wind blows, Ontarians will have clean energy.”
The Company is working with companies in the real estate and property management sectors in Ontario to secure rooftop leases suitable for AWSL's photovoltaic (PV) renewable energy system.
AWSL will design, build and own the rooftop solar system, then apply to connect the system to the grid as part of the Ontario Power Authority's FIT program, which for large commercial rooftops pays between 53.9 cents to 71.3 cents per kilowatt-hour and guarantees quick connection to the grid.
The building owner can be paid in a number of ways: a percentage of annual electricity revenues from the system, a fixed price per square-foot of rooftop being leased to host the system, or a joint venture partnership.
Last October, AWSL announced the formation of a strategic relationship with leading real estate and property management company Cushman & Wakefield Ltd. to secure rooftop leases in Ontario for its photovoltaic (PV) Solar Energy Park renewable energy systems.
The Company has received $3.5 million USD, in funding to date. The funds are being used to finance current projects, and AWSL expects to complete a major financing in the near future.

Another signal that the financial world is waking up to the simplicity and stability of underwriting renewable energy projects was the one-day conference at the MaRS Centre in Toronto in January, designed to "unlock" local capital and help accelerate the flow of investment into Ontario's booming renewable power sector.

Tom Rand, head of the clean technology practice at MaRS Discovery District and co-organizer of the conference, said that under the province's feed-in-tariff program, the investments are as safe as a 20-year government bond that pays 8 to 12 per cent per year.

AWSL, which trades in the U.S on the over-the-counter market, is pursuing a listing on a senior stock exchange in both Canada and the U.S.
The Company also plans to sell it’s CIT technology into European markets, where customers pay more for energy compared to North Americans, and get their renewable energy from installations that are 10 years old or more and less efficient than today’s technology.
For further corporate information and/or to subscribe for regular news updates from Atlantic Wind & Solar, www.atlanticwindandsolar.com
Or call Mr. Brent O’Connor at 1-800-891-1657 ext. 223