MEMORANDUM OF UNDERSTANDING UPI AND DEL ELEUTHERA BAHAMAS (Click To View Agreement Document)
Memorandum Of Understanding For 100 Acres in Eleuthera, The Bahamas (Click To View News Document)
Upower Announces Execution of MOU for 100 Acres in Potential Bahamian Solar Deal
BOCA RATON, FL– (UPOWER – SEPT 17, 2015) – Upower, Inc. (“Upower”), an emerging Independent Power Provider (IPP), announced today that on September 17, 2015, entered into a Memorandum Of Understanding (“MOU”) with Chris Delancy and The Delancy Estates (“DEL”), a large Bahamian landowner in the island of Eleuthera, to develop one (1) or more Solar Power Plant Projects on the southern region of Eleuthera in the Commonwealth of the Bahamas. Such MOU generally is the first step providing for Upower to begin the process, including engage itself and completing the required multitude of currently ongoing independent Solar Energy Analysis. Some will include Yield Assessment Reports on Local Solar Energy, Topographical Studies, Geographical Surveys, Environmental Impact Assessments, Feasibility Studies, Irradiation Reports, and Surface Meteorology Reports where once Upower has some of the results, Upower will be able to start to negotiate the terms of the potential Power Purchasing Agreements (PPA’s). It is then, that the aim of the commissioning and full development these Solar Plants to their completion become a possibility with the Bahamian Government and its agencies, including The Bahamas Electricity Corporation (BEC) to potentially develop one or more, 20-35 megawatt (Mw) Solar Power Plant(s) on this island and/or others, such as Grand Bahama and Great Abaco. Studies on the land on which each of the Solar Powered Power Plants will be located and constructed have already commenced. Such land has already been acquired through this committed MOU for a land lease by UPI and The Delancy Estates, for a parcel of land totaling approximately 100 acres. This land lease is anticipated for a term of 20-25 years or for as long as a power generation facility is selling power. The land lease is initiated and commences upon a successful Power Purchasing Agreement (PPA) and its commissioning of electricity delivery for the set by local authorities as to the time period to be stated in the PPA, and any additional renewals. Our EPC (Equipment, Procurement, Construction) company and its Project Finance firm awaits UPI’s governmental approval for the Project.
The Bahamian government as recent as April 2015, began its Residential Energy Self-Generation Programme (RESG) allowing for renewable energy systems to be tied into BEC’s electricity grid with incentives and credits. Currently, the “Family Islands” are being subsidized to great degree, somewhere between 20 and 30 cents per kilowatt hour (KWh), and their goal is to get it under the subsidized rate it the low 20’s to high teens per KWh.
David Macias, Upower’s CEO/Chairman, said that “The MOU are an exciting, important step in furtherance of our mission: To provide renewable energy solutions using electrical power and energy storage, for both micro and utility-sized power plants globally, striving to maximize performance and returns for our shareholders, while remaining environmentally conscious as possible in the process.” Later stating, “We are looking forward to being a steady and long term provider of energy to The Bahamas for many years to come.”
UPI is an emerging independent power provider focusing on generating electricity by developing power plant opportunities globally, striving to maximize performance and returns for our shareholders, while remaining environmentally conscious. Upower has entered into a Joint Venture with a solar PV market leader, who is both a developer and EPC, Equipment, Procurement, Construction company with over a dozen solar photovoltaic systems installed to date in the United States and abroad. It’s this expertise, combined with access to Project Financing made available, where Upower’s strength and global reach lie, namely Latin America, the Caribbean, and Africa. Together, Upower is finding opportunities and becoming a powerhouse for the future. We continue to be involved in meetings and discussions as to other Bahamian power generation projects, as well as with other off-shore jurisdictions for purposes of securing electric power generation contracts, and plan to issue press releases as new opportunities may present themselves.
FORWARD LOOKING STATEMENTS: Certain statements made by Upower, its subsidiaries and members of its management team on its behalf in this release and other periodic oral and written statements, regarding Upower’s operating performance, events or developments that Upower believes or expects to occur in the future, including those that discuss anticipated financial results, strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, growth of Upower or of the market for its products and services, or general belief in Upower’s expectations of future operating results are forward-looking statements. All such forward-looking statements are subject to risks and uncertainties, including the need by Upower for substantial additional working capital to materially advance its business plan; no assurances that Upower will be able to secure such capital or the terms upon which such capital may be secured, if at all; technology and other challenges involved in the development and operation of Upower’s planned products and services, including the performance of technology which may be utilized by Upower, compliance with local, regional and national power generation, environmental and related laws, and local, regional and national governmental cooperation; local, regional and national economic considerations, including residential and industrial energy demand; foreign currency effects; Upower’s ability to protect its intellectual property; the ability to integrate acquisitions successfully and the risk that expected synergies may not be fully realized or may take longer to realize than expected; and competitors’ product introductions, pricing and other competitive pressures, as well as other risk factors and uncertainties. Forward-looking statements included herein are made as of the date hereof, and Upower undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.