Upon completion of the PV solar energy system, the electricity generated will be sold directly into the grid to the OPA for 71.3 cents per kilowatt hour under the terms and conditions of the Ontario government’s Feed In Tariff (FIT) program.
Based on the average amount of sunlight in the Province, the power sold from this single project is expected to generate in excess of $300,000 per year, totaling approximately $6m in secured gross revenues for AWSL, and its partners over the next 20 years.
Brent O’Connor, Geneva Bancorp Investor Relations Director for AWSL said: “Today’s progress update represents the advancement of another project from its LOI stage, closer to its final construction stage.
“The extensive process had taken several months to qualify… However, with the recent implementation of the company’s new streamlined commercial rooftop lease execution process, the company expects to start advancing and reporting several more similar scale projects from its extensive pipeline in the near future.”
