The parties had previously signed a letter of understanding, and Electric City Wind Power announced on November 20 that a contract been signed with the Gianacopoulos’ group in order to secure 2010 manufacturing and delivery schedules for the wind power generation equipment covered by the contract according to Attorney Chris Powell, a senior partner of the Scranton, PA based Powell Law who represents Electric City Wind Power Corporation.
Under the terms of the agreement, Mr Gianacopoulos and his investors will purchase a total of 3MW of Mass Megawatt’s Multi-Axis Turbosystem (MAT) equipment which will be installed as a series of wind power projects to be sited in northeastern Pennsylvania. The projects will be sized from 500kW to 1MW in nameplate capacity.
Mr Gianacopoulos, said: “Working with Mass Megawatts and Electric City allowed for us to bring the one element to the table that has kept us from moving forwards, which was the lack of a wind power technology that was acceptable to the communities of the region. Mass Megawatt’s MAT wind power generation system is below 50 feet in height, and local municipalities that have had Electric City Wind Power provide presentations on the system have had an extremely favorable reaction.
“We’re also pleased that the timing of our agreement with Electric City Wind Power coincides with the coming to market of the latest generation of the MAT technology. All of our projects will feature the newly introduced enhancements. I fully expect that we will have the full 3 Megawatt’s worth of projects committed within the next few months, and we’ll be back talking with Electric City to seek additional capacity, with the same pricing structure, of course.”
Frank Smollon, CEO of Electric City Wind Power, said: “The execution of the agreement with John Gianacopoulos and his group is a testament to the technology we’re bringing to market.
“Our negotiations with a number of other organizations in Pennsylvania who are intent on developing wind power projects are taking advantage of the same alignment of positive elements that John Gianacopoulos recognized; Federal and state subsidies totaling up to 40% of a project’s cost, the right to completely depreciate a project in 5 years, net metering that pays close to retail cost for any excess generation, and, of course, the willingness of communities to embrace the MAT’s equipment’s low height.”
