DGAP-News: Alter Energy Group AG signs new small hydro power projects
(firmenpresse) - DGAP-News: Alter Energy Group AG / Key word(s): Letter of Intent
Alter Energy Group AG signs new small hydro power projects
19.07.2011 / 13:45
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'Alter Energy Group AG signs new small hydro power projects.'
Zurich Switzerland - July 19, 2011
ALTER ENERGY GROUP AG (AEG) (Frankfurt Stock Exchange Ticker Symbol: 39f)
announces the signing of the Letter of Intent (LOI) to construct and own 9
new small hydro power (SHP) stations in Ivano-Frankivsk (IF) region,
Western Ukraine.
The stations listed in the LOI consist of a total of 9 SHP power plants
producing an estimated 32.5MWe and are to be developed in cooperation with
the IF Regional State Administration (IFRSA) and Kosivhydroenergo Ltd.
(KHE) as the local development partner. All net power produced will be sold
directly to the national distribution network or grid under Ukraine Green
Tariff.
Edward J. Klaeger IV, CEO of AEG states 'The SHP potential in Ukraine is
substantial and underutilized, especially in the remote mountainous regions
of Western Ukraine. The signing of these stations represents significant
progress in the execution of the AEG market strategy for renewable energy
development in Ukraine and provides strong support for current Ukraine
initiatives and legislation for energy independence utilizing alternative
sources. Though not our only small hydro targets these stations are the
first to be developed in region with full State and Municipal government
support under the IF Regional Program for the Development of Alternative
and Renewable Sources, which is a main focus of our efforts, and are part
the June 29th MoU we signed with the IFRSA. There is a significant amount
of ongoing due diligence required before the projects will be in position
to receive the investment required to begin implementation. We are
currently working directly with the IFRSA, Institute of Water Resources and
our strategic partners in preparing the necessary information and documents
required to successfully complete due diligence for funding. Though the
necessary building permits have already been issued on the first 3.4MW, and
the target start date is October 2011, we still have extensive due
diligence and legal structuring before any capital formation and fund
raising can begin.'
About AEG: AEG is a Zurich-based publicly traded Swiss company with
emerging market operations in Ukraine. AEG develops, acquires, and invests
in alternative and renewable energy projects and companies. The current
target market is Ukraine with planned expansion into other emerging markets
in the region as well as established markets such as the U.S., Canada and
Germany for future consideration.
About KHE: Kosivhydroenergo Ltd is a project company that was set up for
the purposes of small hydro development in Kosiv district, Ivanofrankovsk
region. As of now the company is in the process of development of 9
stations with total capacity of 32.5 MW with the first 3.4 MW Roztoky
station on the Cheremosh river having its building permit in place.
For more information please visit: www.alterenergygroup.com
Contact
Investor Relations: info(at)alterenergygroup.com
Forward-Looking Statements
Statements in this press release may constitute forward-looking statements
and are subject to numerous risks and uncertainties, including the
Company's current and future capital needs, anyactions by the Company's
partners that may be adverse to the Company, the success of competitive
products, other economic factors affecting the Company and its markets, and
other risks. The actual results may differ materially from those contained
in this press release. The Company disclaims any obligation to update any
statements in this press release.
End of Corporate News
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19.07.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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132476 19.07.2011
Datum: 19.07.2011 - 13:45 Uhr
Sprache: Deutsch
News-ID 34640
Anzahl Zeichen: 0
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Kategorie:
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