LAUSANNE, SWITZERLAND / ACCESSWIRE / April 8th, 2014 Grid Essence Holdings Ltd and its wholly-owned subsidiary Grid Essence UK Ltd ("Grid Essence") is pleased to announce that it has successfully connected an aggregate of 38.2 MW of photovoltaic ("PV") power plants into the southern United Kingdom ("UK") region's grid network. This timely grid connection enables the production and distribution of over 37.8 GWh of power generation that qualifies for the 1.6 ROCs (Renewable Obligation Certificates) regime issued by the UK Department for Energy and Climate Change. Grid Essence anticipates that it will connect another 21 MW of PV to the grid under the 1.4 ROCs regime by the end of June 2014, thus increasing the total capacity to 59.2 MW. Together, these solar power plants will generate 58 GWh of electricity every year.
Steve Bourbonnais, the Co-Founder & Chief Executive Officer of Grid Essence, expressed that "We are excited about reaching this important milestone, which demonstrates that Grid Essence is a serious contender in the PV generation space. We plan to continue to support the UK PV industry by investing in new project under the 1.4 ROCs regime to help meet the rising energy demands". In turn, this new 38.2 MW of grid connection effectively positions Grid Essence to reach its operating megawatt targets for 2014, while delivering added-value to our esteemed investors.
Grid Essence would also like to announce that it continues to work with Zidane Capital Corp. ("Zidane") to file an updated filing statement with respect to the acquisition of all of the issued and outstanding securities in the capital of Grid Essence by Zidane (the "Qualifying Transaction"). It is anticipated that the Qualifying Transaction will be completed in the third quarter of this year and upon completion, the securities will commence trading via the TSX Venture Exchange, which is part of the TMX Group, who also owns the Toronto Stock Exchange. Grid Essence will provide additional information as it becomes readily available.
About Grid Essence
Grid Essence (www.gridessence.com) was founded to become an independent power producer, producing power from 100% Renewable Energy Sources ("RES"). Our mission is to own and operate at least 1000 MW of renewable energy producing plants within the next 5 years, initially focusing on solar generation. Building such a solid RES platform will allow us in due course to take advantage of the upside offered by evolving renewable energy technologies, such as energy storage.
We are currently on target to build an additional 110 MW under the 1.4 ROC regime planned to be under operation by the end of 2014 taking the total operating portfolio to 170 MW. In turn, management has developed an impressive pipeline of solar projects in the UK, Germany, France, and Italy to support its ambitious growth plan, which also includes the acquisition of selected operating PV plants.
Further Information
All information contained in this news release with respect to Grid Essence was supplied by the parties respectively, for inclusion herein, and each party and its directors and officers have relied on the other party for any information concerning the other party.
For further information regarding the transaction, please contact:
Charles Savva
Director
Grid Essence Holdings Ltd
Telephone:+357.22.448.038
Facsimile:+357.22.448.039
Email: [email protected]
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed Transaction; future exploration and testing; use of funds; and the business and operations of the Resulting Issuer after the proposed transaction. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the results of current exploration and testing. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Zidane and Grid Essence disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE: Grid Essence Holdings Ltd