Global Poletrusion Group Corp.
Under the Symbol:
Global Poletrusion Group Corp. Announces Follow-up to Power Purchase Agreement for Panama Biomass Project
Monday, April 8, 2019 8:30 AM
MIAMI, FL / ACCESSWIRE / April 8, 2019 / Global PoleTrusion Group Corp. (OTC PINK: GPGC) previously announced that its subsidiary, Los Santos Energy Corp., a Panamanian company that is 80 percent owned by GPGC, has signed a 10-year power purchase agreement (PPA) for biomass energy in Chiriquí, Panama.
GPGC is currently in the process of finalizing the financing for this project through Polaris Capital Power Inc. (www.polariscapitalpower.com). The initial cost of the biomass energy plant is estimated at $13 million USD; it is expected to provide gross annual revenues of $3.5 million with operating expenses of $1.1 million.
With an initial capacity of 5 megawatts (MW), the biomass power plant will generate electricity using palm oil extraction residues (biomass) from the Cooperativa de Productores de Palmas COOPEMAPACHI, R.L. (www.coopemapachi.com)
The project will include an upgrade to the palm oil production system at COOPEMAPACHI, R.L. to better comply with international environmental standards and agricultural best practices. The improvements will facilitate the production process, thereby increasing the availability of the material used for energy generation.
According a statement from the Board of Directors of COOPEMAPACHI, R.L, the development of this project will allow them to use biomass that until now was discarded, providing the cooperative with a new source of income and sources of employment for the community.
The PPA was signed with Generación Solar, who provides solar energy to the Panamanian market and requires a secondary source of power to ensure uninterrupted service for its customers. Biomass is an ideal source of energy as it is renewable, makes good use of manufacturing waste products and is considered carbon neutral because it only releases CO2 into the atmosphere that was recently absorbed by the plants used as biomass.
"In addition to the contribution of clean energy, we are proud to participate in this project, as it provides jobs and improvements to the economy of one of the most economically depressed regions in the country," said Daniel Hernández Rodríguez, CEO of Grupo Istmo Solar (www.istmosolar.com) which owns Generación Solar.
"We aim to have a positive impact on the local communities we serve while benefiting our shareholders with recurring revenue streams. Having secured a PPA for this renewable energy project and working closely with the agricultural producers that supply the biomass will allow us to meet that goal by building strong, long-term partnerships that are mutually beneficial, " said Ramiro Guerrero, President and CEO of GPGC.
Project AM (www.project-am.net), a Panama-based project management company, will oversee the construction and operation of the plant, which is expected to be operational within one year.
About Global PoleTrusion Group Corp.
GPGC provides composite utility poles and transmission structures that outperform their steel, wood and concrete counterparts. They are stronger, lighter, easier to install and environmentally safe. With its advanced engineering and manufacturing capabilities, GPGC is at the forefront of providing creative, effective, solutions to address the needs of utility companies.
PoleTrusion Canada is GPGC's engineering division. They create the latest state-of-the-art composite structures, custom-designed based on the needs of their clients. The company is part of the Advanced Composite Materials for Civil Structures Chair at the University of Sherbrooke. Dr. Benmokrane, a director of the Chair, is on the technical board at GPGC.
This news release contains « forward-looking statements », as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
SOURCE: Global PoleTrusion Group Corp.