WTEC Provides Update on Upower’s Solar PV Projects in Honduras

WTEC Provides Update on Upower’s Solar PV Projects in Honduras.

WEST PALM BEACH, FL–(Marketwired – Jun 2, 2014) – Upower, Inc. (“UPI”, the “Company”, “we” or “our”), which plans to be an independent power provider (“IPP”), announced today that, on May 18th, 2014 Empresa Nacional de Energia Electrica (“ENEE”), the national energy company of Honduras, published both of our previously announced solar power purchase agreements (“PPAs”) for two 50 MW solar PV power plants with ENEE in La Gaceta, the country’s national publication where all laws and national contracts are required to be published prior to effectuating such laws or contracts. ENEE also accepted both of the bond guarantees in favor of ENEE associated with such projects which were arranged with local Honduran banks by our Honduran partners who are equity owners in Upower Honduras, Inc., our majority-owned subsidiary which itself has two subsidiaries, Produccion de Energia Solar y Demas Renovables, S.A. (“PRODERSSA”) and Pacific Solar Energy, Inc. (“PSE”). Such public notice now permits PRODERSSA and PSE to proceed, together with the Company’s engineering and construction “partner” for such projects, U.S. based Wind Turbine and Energy Cables Corp. (“WTEC”) with whom the Company entered into a master engineering, procurement and construction contract in February 2014, with the final engineering for the two planned 50 MW solar PV power plants, and then with the construction of such solar PV power plants, subject to our receipt of required funding for such purpose, of which no assurances are given. The projects’ construction has been initially budgeted by WTEC to cost approximately U.S. $190 million. WTEC, together with its affiliates, is an internationally recognized engineering, procurement, construction and manufacturing company that is dedicated to the alternative energy market. WTEC has over twenty-five years’ experience in the renewable energy industry and boasts one of the largest renewable energy portfolios in the world with over twelve gigawatts of wind and three gigawatts of solar power installation experience. Once these 2 projects may be completed and operational, they are anticipated to generate approximately 165 gigawatt-hours of electricity a year, enough to power approximately 23,000 Honduran households.

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Upower, Inc., which plans to be an independent power provider (“IPP”), announced today that, on May 18th, 2014 Empresa Nacional de Energia Electrica (“ENEE”), the national energy company of Honduras, published both of our previously announced solar power purchase agreements (“PPAs”) for two 50 MW solar PV power plants with ENEE in La Gaceta, the country’s national publication where all laws and national contracts are required to be published prior to effectuating such laws or contracts

The construction and design of one of the largest solar developments in Latin America to be spearheaded by Ft. Lee, New Jersey and Tampa, Florida based WTEC.

West Palm Beach, FL, January 28, 2014 – Upower, Inc. (“UPI”, the “Company” or “we”), which plans to be an independent power provider (“IPP”), announced today that two of its subsidiaries, Produccion de Energia Solar y Demas Renovables, S.A. (“PRODERSSA”) and Pacific Solar Energy, Inc., (“PSE”), have each executed a 20-year power purchase agreement (“PPA”) with Empresa Nacional de Energia Electrica (“ENEE”), the national energy company of Honduras, to build, and operate on a long term basis, a two solar photovoltaic projects totaling 100 megawatts of power production.

UPI plans for such projects, each for 50 megawatts of power generation, to be built and installed by Wind Turbine and Energy Cables Corp. (“WTEC”) on a 420 acre parcel which UPI has already leased on a long term basis, located in Nacaome, Honduras WTEC, together with its engineering arm Renewable Energy Resources Corp and its construction arm Alternative Energy Development Corp, is a U.S. nationally recognized engineering, manufacturing, procurement and construction company dedicated to the alternative energy market. WTEC has over 25 years of experience in renewable energy, with a renewable energy portfolio of over 12 gigawatts of wind and 3 gigawatts of solar power worldwide.

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The construction and design of one of the largest solar developments in Latin America to be spearheaded by Ft. Lee, New Jersey and Tampa, Florida based WTEC

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