Welcome!

News Feed Item

Upower, Inc. Announces Execution of Two Power Purchase Agreements Totaling 100 Megawatts of Solar Power in Honduras

WEST PALM BEACH, FL -- (Marketwired) -- 01/28/14 -- 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.

Pursuant to the PPAs, ENEE has agreed to purchase from PSE and PRODERSSA a total of 100 megawatts (50 megawatts each) of electricity at a cost per kilowatt hour which may be subject to increase due to certain incentives. These projects are expected to provide for job creation in the Nacaome region of Honduras, and once operational, will provide for needed increased energy production in such region and serve as a catalyst for such region's continued economic growth.

We are currently reviewing and negotiating the engineering, procurement and construction contract between UPI and WTEC.

Enrique Pallares, UPI's Chief of Business Development, who was instrumental in the Company procuring these PPAs, was quoted as saying "We are most excited and enthused about being integrally involved with the development, construction and ongoing operation of what will, together, be one of the largest solar powered power plant facilities in Latin America and contributing to Honduras' employment and continued economic growth through the use of clean energy."

Brian Dick, Vice President and General Counsel of WTEC, stated: "As a successful international developer of renewable energy projects, we are looking forward to working with UPI on the build-out of these two exciting solar power plant projects, and contributing to the employment, economic growth and development of the Nacaome, Honduras region by training a local workforce to build and maintain these power plants."

UPI's President, Enrico Marotta, commented that "These two 50 megawatt PPAs, which are the first to be completed by UPI, serve as a tremendous start for us and serve to further our mission statement: To generate electricity by building or acquiring power plants globally, striving to maximize performance and returns for our shareholders, while remaining environmentally conscious. We look forward to working with WTEC and the Honduran government to make these projects a reality."

Forward Looking Statements
Certain statements made by the Company, its subsidiaries and members of its management team on its behalf in this release and other periodic oral and written statements, regarding the Company's operating performance, events or developments that the Company 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 the Company or of the market for its products and services, or general belief in the Company's expectations of future operating results are forward-looking statements. All such forward-looking statements are subject to risks and uncertainties, including but not limited to the need by the Company for substantial additional working capital to materially advance its business plan and the two solar projects discussed in this press release; no assurances that the Company 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 the Company's planned products and services, including the performance of technology which may be utilized by the Company, 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; the Company'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 the Company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.

Contact:
Upower, Inc.
561-427-1005

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...