SYS-CON MEDIA Authors: Pat Romanski, Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel

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
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
AppZero has announced that its award-winning application migration software is now fully qualified within the Microsoft Azure Certified program. AppZero has undergone extensive technical evaluation with Microsoft Corp., earning its designation as Microsoft Azure Certified. As a result of AppZero's work with Microsoft, customers are able to easily find, purchase and deploy AppZero from the Azure Marketplace. With just a few clicks, users have an Azure-based solution for moving applications to the...
The cloud is becoming the de-facto way for enterprises to leverage common infrastructure while innovating and one of the biggest obstacles facing public cloud computing is security. In his session at 15th Cloud Expo, Jeff Aliber, a global marketing executive at Verizon, discussed how the best place for web security is in the cloud. Benefits include: Functions as the first layer of defense Easy operation –CNAME change Implement an integrated solution Best architecture for addressing network-l...
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Media announced today that Aruna Ravichandran, VP of Marketing, Application Performance Management and DevOps at CA Technologies, has joined DevOps Journal’s authors. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Aruna's inaugural article "Four Essential Cultural Hacks for DevOps Newbies" discusses how to demonstrate the...
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, p...
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover ...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's