EWING, N.J., December 13, 2007 (BUSINESS WIRE)
Project with Ingenium Energética S.L. of Barcelona is in Addition to 10 MW Solar Project with M&G Promociones Planned for 2008 - Part of Company Program to Supply Solar Systems to the Fast-Growing Spanish Market
WorldWater & Solar Technologies Corp. (WWAT OTC BB), developer and marketer of proprietary high-power solar systems, announced today that the Company has received a Letter of Intent (LOI) from Ingenium Energética S.L. of Barcelona (Ingenium) to construct a 3 MW solar farm in Aragon, Spain. The project is expected to be completed by mid-2008. The LOI is subject to contractual negotiations as part of the new regulations that are being established by the Spanish Government.
The new LOI is in addition to the 10 MW project previously announced with M&G Promociones de Vivienda Urbana S.A. of Madrid as the first segment of plans to build 130 MW over 5 years. Both the 3 MW and 10 MW projects are planned for construction in 2008. Ingenium is a major construction firm focusing on civil, building and infrastructure work. Additional projects in Spain are currently also in discussion with Ingenium and other developers by WWAT and Prime Solar Senergy, the Company’s representative in Spain.
Quentin T. Kelly, Chairman and CEO of WorldWater & Solar Technologies stated, “The Spanish market is climbing fast, having jumped 100% in 2007 and headed even higher in 2008. The pressure is on to complete solar projects by September 29, 2008 in order to receive the current feed-in tariff of 44 Euro cents per kilowatt hour. After September, the Spanish Government is planning a lower feed-in tariff, still very attractive at an estimated 31 Euro cents, but firms holding current licenses can realize the maximum by completing projects before the September date -- and we have the engineering teams in Spain to construct these projects.”
The Company will use fixed tilt flat plate technology for the 3 MW Ingenium project but is planning to use the ENTECH 20X concentrator PV technology (CPV) on certain of its projects when its 50 MW production plant in Texas, now in early construction, and a planned assembly operation in Spain begin delivering product in volume, which is expected in April, 2008. ENTECH’s CPV technology is anticipated to be particularly efficient and cost effective in Southern Spain, with turnkey per–watt pricing estimated to be among the lowest in the world.
“We are very pleased to be able to partner with WorldWater & Solar Technologies on this important venture,” says Pedro Maqueda Suñer, COO and Chief Engineer of Ingenium. “This solar farm will be our first, although we are very experienced in large construction and public works projects, so it is good to have WorldWater, with its extensive experience as a major solar integrator and developer, as our implementer.”
The Spanish Government has set an official goal to install 400 MW by 2010 but its Department of Industry has proposed to the National Energy Commission to raise the goal to 1200 MW.
About WorldWater & Solar Technologies Corp.: WorldWater & Solar Technologies Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that can not only generate and distribute electricity, but can drive 1000 horsepower motors and pumps from sunshine independently or in conjunction with the electric grid, providing solutions to a broad spectrum of the world's electricity and water supply problems. For more information about WorldWater & Solar Technologies Corp., visit the website at www.worldwater.com.
About Ingenium Energética S.L.:Ingenium Energetica S.L. is a leader in construction in Spain, concentrating on civil work, building and infrastructure services and franchises. Its projects include the building of roads and highways, buildings, urbanizations, hydraulic works, installations and services all over the country.
Forward Looking Statements: Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's 10-KSB and its quarterly reports on Form 10-QSB both as filed with the Securities and Exchange Commission, which include the Company's cash flow difficulties, dependence on significant customers, and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.