Global PoleTrusion Group Corp. Announces Power Purchase Agreement for Panama Biomass Project
MIAMI, March 27, 2019 (Newswire.com) - Global PoleTrusion Group Corp. (GPGC PinkSheets) announces that its subsidiary, Los Santos Energy Corp., a Panamanian company that is 80 percent owned by GPGC, has signed a 10-year power purchase agreement (PPA) with Generacion Solar for biomass energy in the province of Chiriqui situated on the west coast of Panama. This project will generate a new recurring revenue stream for GPGC, which will deliver long-term value to its shareholders.
Generacion Solar provides solar energy to the Panamanian market. It requires a secondary source of power to ensure uninterrupted service for its customers. Biomass is an ideal source of energy as it makes good use of manufacturing waste products and is considered CO2 neutral because it only releases CO2 into the atmosphere that was recently absorbed by the plants being used as biomass.
“In addition to the contribution of clean energy, we are proud to participate in this project, as it provides jobs and improvements to the economy of one of the most economically depressed regions in the country,” said Daniel Hernandez Rodriguez, CEO of Grupo Istmo Solar (www.istmosolar.com) which owns Generacion Solar.
With an initial capacity of 5 megawatts (MW), the biomass power plant will use palm oil extraction residues (biomass) to generate electricity. Project AM, a Panama-based project management company, will oversee the construction and operation of the plant, which is expected to be operational within one year.
“This project will hopefully be the first of many projects of this type to be developed by GPGC and Los Santos Energy Corp. in the region for its sustainability and contribution to the welfare and economy of local farmers,” stated Einar Simons, President of Project AM.
The initial cost of the project is estimated at $13 million USD; it is expected to provide gross annual revenues of $3.5 million with operating expenses of $1.1 million. GPGC is currently in the process of finalizing the financing for this project through Polaris Capital Power Inc. (www.polariscapitalpower.com).
“We are excited to move forward with this project, to develop and provide an energy source that will have a positive impact for the local community we are serving, while benefiting our shareholders with recurring revenues,” said Ramiro Guerrero, President and CEO of GPGC.
About Global PoleTrusion Group Corp.
GPGC provides composite utility poles and transmission structures that outperform their steel, wood and concrete counterparts. They are stronger, lighter, easier to install and environmentally safe. With its advanced engineering and manufacturing capabilities, GPGC is at the forefront of providing creative, effective, solutions to address the needs of utility companies. For more information, please visit www.globalpoletrusiongroup.com.
PoleTrusion Canada is GPGC’s engineering division. They create the latest state-of-the-art composite structures, custom-designed based on the needs of their clients. The company is part of the Advanced Composite Materials for Civil Structures Chair at the University of Sherbrooke. Dr. Benmokrane, a director of the Chair, is on the technical board at GPGC.
This news release contains « forward-looking statements, » as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Source: Global Poletrusion Group
Categories: Alternative Energy