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BKS Berkley Renewables Inc

0.04
0.00 (0.00%)
26 Nov 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Berkley Renewables Inc CSE:BKS CSE Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.04 0.04 0.04 0 00:00:00

Ontario Power Authority Approves Seventy Berkley/Solar Flow-Through Projects to Final Review Stage

24/06/2013 9:05pm

Marketwired Canada


Solar Flow-Through 2012-I Limited Partnership ("Solar Flow-Through"), a limited
partnership established by Berkley Renewables Inc. ("Berkley")
(CNSX:BKS)(FRANKFURT:WKN 871666)(BERLIN:WKN 871666) under the laws of British
Columbia, reports that 70 applications with the Ontario Power Authority ("OPA")
to develop solar power projects totaling 16.82 MW AC in the Province of Ontario
have moved to final Stage 4 assessment. The 70 applications, submitted by Solar
Flow-Through's network of six solar developers, were made under the OPA's
Feed-in-Tariff (FIT) program. FIT contracts with the OPA provide fixed purchase
rates for solar power and are guaranteed by the OPA for 20 years.


The Final Stage Approval Process 

In the final Stage 4 of the application review approval process, the local
electrical companies screen each project under the transmission availability
test (TAT) and distribution availability test (DAT) against the local electrical
grid's capacity. If a project passes both tests, and there is sufficient room
left in the contract capacity that applies to their project type, they will be
issued a FIT. 


Working with First Nations and Community Co-operative Partners 

Solar Flow-Through's network of solar developers submitted 126 projects to the
OPA for approval in January 2013. Two First Nation bands as well as a community
co-op were partners in the applications. All projects submitted were commercial
rooftops and were 500 KW AC or less ("Small FIT"), which was the limit set by
the OPA for Small FIT. All 16.82MW AC of the applications that were approved for
final Stage 4 assessment involved Solar Flow-Through's First Nation and
community co-operative partners. In addition to these projects awarded by the
OPA, Solar Flow-Through intends to obtain economic interest in other solar
developers' Small FIT projects that receive contracts from the OPA in this
round. 


Ontario Renews its Commitment to Renewable Energy 

The Province of Ontario has renewed its commitment to small renewable energy
projects by making 900 MW of new capacity available, between now and 2018, for
the Small FIT and microFIT programs. The OPA has stated that the fall 2013
procurement window will include at least 70MW for Small FIT projects. Starting
in 2014, Small FIT annual procurement targets will be set at 150 MW. In
addition, Ontario has stated that it will develop a competitive procurement
process for projects over 500 kW AC. Solar Flow-Through will leverage its
strategic partners and intends to work directly with municipalities to identify
appropriate project sites for new solar energy projects in these upcoming
rounds.


Next Round of Financing for $10,000,000 

As a result of the large number of its Small FIT 2 project applications
proceeding to final Stage 4 assessment, Solar Flow-Through intends to conduct a
second Flow-Through Limited Partnership offering in the summer of 2013 for up to
$10,000,000.


Berkley and Solar Flow-Through 

Berkley owns 95% of Solar Flow-Through General Partner Ltd., the general partner
of Solar Flow-Through (the "General Partner"), as well as Solar Flow-Through
Management Ltd., the manager of Solar Flow-Through (the "Manager"). The General
Partner is responsible for approving and monitoring Solar Flow-Through's various
service providers, including the Manager. The Manager directs the affairs of,
and provides day-to-day management services to, Solar Flow-Through. In exchange
for its services, the Manager will participate in the profits of the Limited
Partnership. Berkley, as 95% holder of the Manager, will be entitled to 95% of
the profits generated by the Manager.


About Berkley Renewables 

Berkley Renewables Inc. is a growth-oriented oil and gas issuer also pursuing
renewable energy opportunities, primarily in the solar energy sector. Solar
Flow-Through, a Canadian-based partnership, was formed to develop and operate
solar photovoltaic power generation projects in the Province of Ontario. Other
information available at www.berkleyrenewables.com and www.solarflowthrough.com.


ON BEHALF OF THE BOARD

Matt Wayrynen, President and Chief Executive Officer

The CNSX has not reviewed and does not accept responsibility for the adequacy or
accuracy of the content of this news release. This release may contain
statements that are considered as forward-looking statements and are subject to
various risks and uncertainties concerning the specific factors disclosed under
the heading "Risk Factors" and elsewhere in the Company's periodic filings with
Canadian securities regulators. Such information contained herein represents
management's best judgment as of the date hereof based on information currently
available. The Company does not assume the obligation to update any
forward-looking statement.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Berkley Renewables Inc.
Matt Wayrynen
604.682.3701
info@berkleyrenewables.com
www.berkleyrenewables.com

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