SOURCE: Atlantic Wind & Solar Inc.

Atlantic Wind & Solar Inc.

September 25, 2009 08:30 ET

AWSL's Future Greatly Enhanced by Ontario Government's Announcement Yesterday of Its Provincial Green Energy Act, Including Its Lucrative Feed-In-Tariff to Promote Renewable Energy

MIAMI, FL--(Marketwire - September 25, 2009) - Atlantic Wind and Solar Inc. (PINKSHEETS: AWSL) is pleased to congratulate the Ontario Government on completion, announced on September 24, 2009, of the final steps of its "Ten Steps to Green Energy," which will create green jobs and open green energy investment opportunities throughout the province. The Act paves the way for Atlantic Wind and Solar Inc. to accelerate its growth plans in both Solar Energy and Wind Power businesses in Ontario. Spearheaded by its generous Feed-In-Tariff (FIT) program, the Province's Green Energy Act (GEA) is a comprehensive program that is widely recognized as a model for North America to encourage and accelerate the Renewable Energy industry.

Key Components of Ontario's Green Energy Act Favoring Atlantic Wind and Solar

--  A progressive Feed-In-Tariff program that allows individuals and
    companies to sell renewable energy into the grid at set rates. Especially
    significant to AWSL's business are the Act's lucrative Feed in Rates,
    ranging from 53.92 cents/kWh to 80.2 cents/kWh (depending on the size of
    the system) for solar rooftop, and 44.3 cents/kWh for ground mounted
    projects. These lucrative rates are the highest in North America and will
    have an extremely positive impact on Atlantic's marketing of its recently
    announced Micro Energy Parks slated for rooftops across Canada's most
    populous province.
--  Domestic content requirements that greatly enhance AWSL's business
    potential; These requirements ensure at least 25 per cent of wind projects
    and from 40 to 50 per cent of solar projects will now be produced in
    Ontario, increasing to 60 per cent for micro solar and 50 per cent for wind
    by 2011 and 2012, respectively. These content requirements strongly favor
    Atlantic, which is in the process of establishing Ontario manufacturing of
    additional wind and solar generating components to complement its Ontario
    designed, engineered and largely manufactured leading edge PV and Wind CIT
    technology, which is a significant balance of systems component in RE
    electricity generating systems. The systems to typically be implemented by
    AWSL in Ontario easily meet or exceed the current content rules for systems
    of all sizes.
--  A streamlined approvals process and a service guarantee to bring
    developers greater certainty is good news for AWSL and all Ontario
    Renewable Energy projects, as is the establishment of a new Ontario
    Renewable Energy Facilitation Office -- a one-stop shop to help renewable
    energy projects get off the ground faster.

The Ontario announcement regarding its FIT program:

In its milestone announcement, the Government also commented "The Feed-in Tariff (FIT) program offers long-term price guarantees for renewable electricity generators, which will increase investor confidence and make it easier to finance projects. Ontario's FIT program will encourage billions of dollars in investment to help Ontario's energy supply mix become one of the cleanest in North America."

"We at Atlantic Wind and Solar Inc. applaud today's milestone announcement by the Ontario Government. The forward looking policies and rules contained in the Province's new Green Energy Act place Ontario at the leading edge of the global paradigm shift towards a far greater dependence on clean, unlimited renewable energy. The trend setting FIT program paves the way for Atlantic Wind and Solar to bring its Renewable Energy endeavors to fruition in the shortest possible timeframe."

... Atlantic Wind and Solar Chief Technology Officer Thomas Cleland

AWSL's Rooftop Opportunity:

Studies confirm an abundance of solar energy available in Ontario -- superior, in fact, to Germany, a world-leading producer of solar energy as a portion of its total produced electricity. Tens of thousands of suitable rooftops are presently underutilized in Ontario, representing a huge target market for AWSL's advanced Micro Energy Park rooftop solar systems. The Company's Rooftop Solar Division will apply its superior technology in the Micro Energy Parks to maximize power generation and profits under the new Ontario FIT incentives for expanding Renewable Energy use.

About Atlantic Wind and Solar Inc.:

Through focused management, strong R&D, state-of-the-art proprietary technology, exclusive licenses, and joint ventures, 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 key sectors of the annual $200 billion renewable energy boom that is accelerating across North America and around the world.

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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

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