EnerDynamic Hybrid Technologies Corp. is pleased to announce that it is currently in negotiations to acquire a number of solar energy projects that are backed by long-term power purchase agreements. In total the projects are more than 50MW in size and, once fully operational, would collectively generate in excess of $16 Million CDN in annual recurring revenue. The long-term power purchase agreements are under the Ontario Feed-in-Tariff program and/or similar contracts under similar programs outside of Ontario, permitting the holder of any such contract to construct a solar project to sell the power generated from such Project to the applicable Government agency.
In total the Projects would provide in excess of 50 million hours of electricity per annum, equivalent to supplying up to 3,000 homes with electricity. Further the Projects would offset more than 13,000 tonnes of C02 annually supporting the green credentials of the projects.
Any Project acquisition would be subject to the Company being able to raise the necessary funds in the capital markets through private placements of its securities or otherwise.