-Long Term Recurring Revenue backed by 20 year Power Purchase Agreements-
TORONTO, Feb. 12, 2015 /CNW/ - Enerdynamic Hybrid Technologies Corp. (TSX-V: EHT) ("EHT" or the "Company") is pleased to announce that it will begin construction on more than 143 commercial rooftop solar energy installations in Ontario, Canada. In aggregate the portfolio exceeds 38 Megawatts.
The entire solar energy installation portfolio will be built and connected into the Ontario electricity grid and is backed by 20 year Power Purchase Agreements with the Ontario Government. The Power Purchase Agreements were awarded under the FIT 3.0 Program (Feed in Tariff) and provide for a rate of 32.9 cents per kilowatt hour of electricity produced. In total the solar energy installations will generate more than $15 Million in annual recurring revenue.
The first solar energy installation will be built on the Hazel McCallion Public School in the region of Peel. Construction of the solar energy installation will begin in March, 2015. The remaining solar energy installations will be built, on various school rooftops in the Peel District School Board portfolio, and will collectively span more than 5.5 million square feet in size.
As each solar energy installation is built, it will be connected into the Ontario electricity grid and generate recurring revenue immediately. EHT anticipates that it will construct up to 3 solar energy installations per month in 2015 and up to 5 solar energy installations per month in 2016 and 2017.
The solar energy installations, in aggregate, will provide up to 3,500 homes with clean electricity, offset approximately 13,000 tonnes of C02 annually and create more than 150 direct skilled jobs.
The information in this news release, including any anticipated use of proceeds, non-dilutive finance opportunities and guidance commentary, includes certain information and statements that constitute forward-looking information. These forward-looking statements are based upon assumptions, principally EHT's ability to successfully incur the Canadian renewable and conservation expenses, and such assumptions are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may vary materially from those anticipated and indicated by these forward-looking statements. Although EHT believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, EHT disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About EnerDynamic Hybrid Technologies
EHT delivers proprietary, turn-key energy solutions which are intelligent, bankable and sustainable. Our energy products and solutions can be implemented immediately wherever they are needed. EHT stands above its competitors by combining a full suite of solar PV, wind and battery storage solutions, which can deliver energy 24 hours per day in both small-scale and large-scale format. Through our 90,000 square foot facility in Ontario, Canada and our growing international foot-print we are able to manufacture, distribute and install leading world class energy solutions across the globe. EHT excels where no electrical grid exists in addition to traditional support to established electrical networks which is the new era in the renewable industry.
SOURCE Enerdynamic Hybrid Technologies Corp.
Image with caption: "Solar Energy Projects built by EHT under the Ontario Feed in Tariff Program (CNW Group/Enerdynamic Hybrid Technologies Corp.)". Image available at: http://photos.newswire.ca/images/download/20150212_C4877_PHOTO_EN_12028.jpg
Image with caption: "Solar Energy Projects built by EHT under the Ontario Feed in Tariff Program (CNW Group/Enerdynamic Hybrid Technologies Corp.)". Image available at: http://photos.newswire.ca/images/download/20150212_C4877_PHOTO_EN_12017.jpg
Image with caption: "Solar Energy Projects built by EHT under the Ontario Feed in Tariff Program (CNW Group/Enerdynamic Hybrid Technologies Corp.)". Image available at: http://photos.newswire.ca/images/download/20150212_C4877_PHOTO_EN_12018.jpg