RenuEn Corporation is pleased to announce that the Company has secured a 50MW Solar project in Pakistan through its pending acquisition of Team Energy, Inc. The project will be managed by a foreign operating subsidiary, which is also joining RenuEn upon closing of the acquisition. The Power Purchase Agreement (PPA) is guaranteed by the Government of Pakistan and is for 25 years. For their management in the project, the Company will realize income throughout the duration of the PPA.
"Team Energy has extensive international experience in developing power projects and this 50MGW Solar farm is just one of many they have secured," stated James Scott, CEO of RenuEn. "This 50MGW Solar project is a prime example of why the acquisition of Team Energy is so significant for our Company. Their reputation as a leader in large-scale power development projects is outstanding, and we are proud to be joining forces with a company of their caliber."
The projected installed cost is $200 million, and the Company will be choosing its construction partner soon. The Government of Pakistan shall be the power purchaser. The project meets all of the criteria for MIGA investment guaranty coverage.
"Although our primary focus is on domestic Landfill Compressed Natural Gas, Team Energy has many other opportunities to bring selective projects like this to the Company," commented Don Wood, CEO of Team Energy. "We are very excited to secure such a large and prestigious project like this, and we look forward to continuing to bring these types of specialized projects to RenuEn."