DGAP-News: Universal Bioenergy's NDR Energy Group Signs MOA With JSG Solar, Announces Plans to Build $167 Million Solar Power Farm
(firmenpresse) - Universal Bioenergy Inc.
03.06.2013 08:00
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IRVINE, Calif., 2013-06-03 08:00 CEST (GLOBE NEWSWIRE) --
Universal Bioenergy Inc., (OTCQB:UBRG), a publicly traded independent
diversified energy company, that markets and distributes natural gas,
electricity, petroleum and coal, announced that its subsidiary, NDR Energy
Group, has signed a Memorandum of Agreement (MOA) with JSG Solar Inc., to build
a solar power farm in eastern North Carolina, USA. The estimated cost to build
the facility is $167 million. The project is projected to generate an estimated
$301 million in revenues over 25 years.
The solar power facility would be owned by NDR Energy Group, which would make
NDR an electric power producer. The solar facility would be built on
approximately 425 acres of land and generate 80-100MW (megawatts) of
electricity for sale to electric public utilities in the North Carolina service
area. The estimated annual electricity production is 143.9 million kilowatt
hours (kWh).
JSG Solar, Inc., is a comprehensive solar integrator providing engineering,
design and installation services for solar PV and thermal systems. Prior to
entering into the MOA, NDR Energy initiated discussions with a large North
Carolina utility to sell to them the electric power generated from the facility
via a 25 year term Power Purchase Agreement (PPA). NDR plans to execute the
required regulatory filings, including the CPCN filing, in the near future.
NDR Energy Group's President, Ken Harris says, 'This is a complex and exciting
project for NDR Energy. When we received our FERC license several months ago,
we began exploring potential verticals. We began our pursuit of
power/electricity trading opportunities with a large electric utility in North
Carolina. Simultaneously, we developed a relationship with an investment fund
in Ireland that represented a solar company that was working on projects in
North Carolina. Our state, of course, has very favorable tax credits and
incentives for solar projects. We selected a large solar project in eastern
North Carolina as our initial point of emphasis. The project is 80-100
megawatts. Because of our existing relationship with the electric utility, we
were able to initiate discussions related to a PPA immediately. In light of the
utility's willingness to explore a PPA, we are moving forward with securing the
appropriate land rights and meeting all regulatory requirements. We have just
completed execution of the Memorandum of Agreement with the project coordinator
and NDR is designated as the owner and developer of this great project.'
About Universal Bioenergy Inc.
Founded in 2004, Universal Bioenergy Inc., is a publicly traded independent
diversified energy company that produces and markets natural gas, electricity,
petroleum, coal and propane. We market energy resources to the largest public
utilities, electric power producers and local gas distribution companies in the
U.S., that serve millions of commercial, industrial and residential customers.
We are also engaged in the acquisition and development of existing or recently
discovered oil and gas fields, leases and surface coal mines. For more
information visit www.universalbioenergy.com
Safe Harbor Statement- There are matters discussed in this media informationthat are forward looking statements within the meaning of Rule 175 under the
Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934,
and are subject to the safe harbor created by those rules. Such statements are
only forecasts and actual events or results may differ materially from those
discussed. For a discussion of important factors which could cause actual
results to differ from the forward looking statements, refer to Universal
Bioenergy Inc.'s most recent annual report and accounts and other SEC filings.
The company undertakes no obligation to update publicly, or revise, forward
looking statements, whether as a result of new information, future events or
otherwise, except to the extent legally required.
CONTACT: Media Relations:
Solomon Ali at 704-837-5705
News Source: NASDAQ OMX
03.06.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Universal Bioenergy Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US91337M1045
WKN:
End of Announcement DGAP News-Service
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Datum: 03.06.2013 - 08:00 Uhr
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