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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

Solar Flow-Through and Its Partners to Be Awarded 52 Contracts Totaling 12.18 MW AC for Solar Power Development in Ontario

01/08/2013 5:45pm

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 52 of 126 applications filed with the Ontario Power
Authority (OPA) to develop solar power projects in the Province of Ontario have
will receive FIT contract awards under the FIT 2.1 program. FIT contracts with
the OPA provide fixed purchase rates for solar power and are guaranteed by the
OPA for 20 years.


The project applications to receive contracts from the OPA were filed with
various solar development partners and totaled 12.18 MW AC, or approximately
14.62 MW DC. Total capital costs for the projects are forecast to exceed $50
million, and the projects are expected to be developed during 2013 and 2014.


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. Of the 126 initial applications, 70 moved to the final
approval stage in June2013. On July 3, 2013, the OPA published the list of
projects to receive contracts under Small FIT 2.1 which included 52 projects
from Solar Flow-Through's network of solar developers. 


Solar Flow Through will now proceed with new applications for the Small FIT 3
procurement window, which the OPA has stated will begin in the fall of 2013. The
OPA has indicated that approximately 123.5 MW AC of contacts will be awarded in
Small FIT 3. 


Next Round of Financing for $10,000,000 

As a result of the large number of applications awarded to Solar Flow-Through
and its development partners, 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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