SOURCE: Atlantic Wind & Solar Inc.

Atlantic Wind & Solar Inc.

June 03, 2009 16:10 ET

AWSL Subsidiary Hybridyne Power Systems Canada Inc. Hopes to Win Major Solar Power Contract With City of Dryden

MIAMI, FL--(Marketwire - June 3, 2009) - Atlantic Wind & Solar Inc. (PINKSHEETS: AWSL) is pleased to report that, following initial presentations and several weeks of deliberations and due diligence, Hybridyne, its Canadian Renewable Energy subsidiary, was one of just three companies chosen to provide final presentations on the proposed $70 million-plus, 10Mw, grid-connected Solar Power project required by the City of Dryden, Northwestern Ontario.

The Project

The proposed Dryden project is a 10Mw (Phase 1 of 2, total 20Mw) fixed position, grid connected PV array. It will sell the produced electricity through the Ontario Power Authority's (OPA) newly proposed 20-year renewable energy Feed-in Tariff (FIT) program. The project is expected to cost $70M - $85M CDN, and take approximately 18 - 24 months to build. Dryden has already secured the 100 acres of land, appropriate re-zoning, a Hydro One Grid Impact Study, and a Queue position for both projects in the OPA connection queue. Part of Ontario's new "Green Energy Act, 2009," the FIT program was designed, says the OPA, to present opportunities for community-based projects, and to "further encourage the development of renewable energy supply in Ontario" by achieving the following objectives:

--  Increase capacity of renewable energy supply to ensure adequate
    generation and reduced emissions
--  A simpler method to procure and develop generation
--  Create new green industries through new investment and job creation
--  Provide incentives for investment in renewable energy technologies

In late May 2009, Hybridyne's President, Thomas Cleland, attended a meeting in the City of Dryden with members of Dryden City council and the Dryden Development Corporation (DDC) where he proposed a Joint Venture between Dryden and the Hybridyne Group of companies for a turnkey solution with shared ownership using Hybridyne's Turnkey design, installation and project management services as well as Hybridyne's proprietary PV inverter technology, the Hybridyne Power Electronics Inc. Hyper-Watt XL series of PV inverters. Significantly, the Company's proposal also emphasizes Canadian content.

Mr. Brent O'Connor, AWSL's Investor Relations Director, commented, "AWSL management is enthused regarding the potential to proceed with the exciting Dryden Solar Power proposal, as well as numerous other promising renewable energy projects in Ontario and elsewhere."

The City of Dryden

Located in Northwestern Ontario, vibrant and forward-looking Dryden is focused upon environmental stewardship and the maximum practical use of clean, renewable energy. Notably, the City of Dryden received ESRI Canada's (Environmental Systems Research Institute) Award of Excellence in April 2009. Ontario's ample sunshine (exceeding even that of Germany, which is a leader in capturing Solar Power) made Solar an easy choice for Dryden's much lauded renewable energy endeavors.

Hybridyne Power Systems Canada Inc. (HPS)

AWSL's recently acquired Hybridyne subsidiary specializes in the global sales and installation of Hybrid (Wind & Solar) Renewable Energy Systems, of the distributed-architecture, peak-shaving, non co-gen type. Hybridyne also holds the licensing agreement to patent-pending and/or proprietary, "best-in-class" Conversion/Inversion Technology capable of increasing power output from solar panels by up to 29%, and from some wind turbines by up to 100%. AWSL believes that this leading edge technology is a significant economic inducement to choosing Hybridyne over conventional Renewable Energy technologies anywhere.

Atlantic Wind & Solar Inc. (AWSL)

Through focused management, strong R&D, state-of-the-art proprietary technology and exclusive licenses, Atlantic Wind & Solar Inc. is poised for rapid growth at the forefront of the massive global shift towards environmentally friendly, economical renewable energy. The Company is positioned to achieve significant inroads into several key sectors of the annual $200 billion renewable energy boom that is accelerating across North America and around the world. Through Joint Ventures, internal growth and additional potential acquisitions, AWSL is proceeding to expand its activities in the dynamic Wind and Solar energy sectors of the global Renewable Energy industry.

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Shareholders and investors are strongly cautioned against placing undue reliance on information set forth in these communications in making any investment decisions concerning our securities. The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.

Contact Information

  • Contact:

    Atlantic Wind & Solar Inc.
    3109 Grand Ave Suite 484
    Coconut Grove, Florida 33133
    Corp/Sales: 1 (800) 891-1657 (ext.221)
    Email: Email Contact

    Investor Relations Contact:
    Geneva Bancorp.
    Mr. Brent O'Connor
    +1 647 343-2549
    Email: Email Contact