TORONTO, CANADA: Atlantic Wind and Solar Inc. reported the signing of two Letters of Interest (LOI) encompassing the following rooftop solar projects:
-- An LOI signed by AWSL and a pharmaceutical manufacturing company covering the prospective sales and installation of two (2) 250 kW rooftop solar systems located in a suburb east of Toronto. These discussions are entered into with the express purpose of investigating and exploring the feasibility both technologically and financially of a custom designed Renewable Energy Power System which is intended by design to ultimately allow us to sell energy to the Ontario power grid, through the Ontario Power Authority's Feed-In-Tariff (FIT) program for our facility. The project has a potential business transaction value of approximately $6 million. These two systems will be owned and operated by the building owner.
-- A leading Ontario commercial real estate developer and AWSL have signed an LOI for five (5) 250 kW rooftop solar projects in various Ontario locations representing a business transaction value exceeding $12 million. These five systems will also be owned and operated by the building owner. As well, this large real estate developer is considering several additional properties for "rooftop leased premises" whereby AWSL will fund, construct, operate and retain ownership of the solar systems, thereby enjoying an estimated net revenue stream potentially in excess of $5 million in the first 20 years of operation based on the FIT program revenues for each project under consideration.
These LOIs cover new projects totaling some $18 million in potential revenues. When added to previously announced LOIs, the aggregate potential revenues from rooftop solar projects for which AWSL and its Canadian operating divisions, 100 percent owned Atlantic Solar Inc., and 47.5 percent owned Hybridyne Power Systems Canada Inc., have now received Purchase Orders (1) or signed LOIs (5) amount to approximately $27 million.