OPEL Solar, Inc. and BETASOL Secure Spanish Feed-In Tariff for One of World's First Commercial HCPV Power Installations
March 09 2010 - 9:15AM
Marketwired
OPEL International Inc. (TSX VENTURE: OPL) and OPEL Solar, Inc.
OPEL Solar, Inc., a leading global developer and supplier of
high concentration photovoltaic ("HCPV") solar panels and other
solar products, including ground-based and rooftop tracker systems,
and its Spanish partner, BETASOL, today announced that its 330
kilowatts (kW) utility-grade solar photovoltaic power plant in
Spain is eligible to begin receiving the feed-in tariff ("FIT")
from the Spanish Government. This makes the OPEL Solar project one
of the first HCPV installations to be recognized with an FIT and
guaranteed investment rate of return.
The Spanish listing is called, the Photovoltaic Allocation
Registry, and was published in mid-February 2010. It denotes those
projects approved for the feed-in tariff starting in the first
quarter of 2010. The Vilalba del Arcs solar farm is on the approved
list. As one of the first commercial HCPV installations, the 330 kW
site using OPEL Solar leading edge technology will be eligible for
a FIT of 28.1 Eurocents per kilowatt of electric power generated.
The FIT will be provided for a 20-year period.
"The approval of the Vilalba del Arcs utility solar farm for the
Spanish Feed-In Tariff Program is a significant business milestone
for OPEL Solar and its HCPV technology," said Robert Pico, CEO of
OPEL Solar, Inc. "This demonstrates that HCPV is a viable
technology for generating electricity from the sun at utility scale
levels and for providing guaranteed revenue to its owners, such as
BETASOL in this case." Pico added "From an investment viewpoint,
this project offers a very attractive rate of return to any
investor."
This utility grade solar farm is one of the first operable solar
grid fields in the world using OPEL's HCPV leading edge solar
technology. It generates 330 kW of electricity to the power grid,
increasing revenue for BETASOL. The installation is located in the
Tarragona region of Spain, a prime location for solar
development.
OPEL built the installation with its Mk-I high HCPV solar panels
mounted on dual axis trackers. The combination of OPEL's HCPV
panels and precision dual axis trackers results in a higher power
production per unit of land (acre/hectare) than silicon or thin
film flat panels with a potential to increase photovoltaic yields
by up to 40 percent.
About OPEL Solar, Inc. and OPEL International Inc.
With operations headquartered in Shelton, CT and Toronto,
Ontario, Canada, OPEL designs, manufactures and markets high
performance concentrating photovoltaic ("HCPV") panels to transform
solar energy into electricity for worldwide application. OPEL's
high performance photovoltaic concentrating panels generate up to
40 percent more kilowatt-hours than conventional flat plate silicon
solar panels, resulting in more cost-effective electricity
generated from the sun. OPEL also markets a complete line of dual
and single axis solar trackers to mount solar panels for optimum
power output. OPEL also designs infrared sensor type products for
military and industrial applications.
A leader in gallium arsenide and solar photovoltaic technology,
the Company has been awarded 39 patents and has eight more patents
pending. OPEL's common shares trade on the TSX Venture Exchange
under the symbol "OPL". For more information about OPEL Solar,
Inc., please visit the Company's website at www.opelinc.com.
Dated: March 9, 2010
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
Investors are cautioned that except for statements of historical
facts, certain statements contained in this news release may
include forward-looking information with respect to the Company.
Such forward-looking statements or information are based on current
expectations, estimates and projections formulated using
assumptions currently believed to be reasonable and involving a
number of risks and uncertainties which could cause actual results
to differ materially from those anticipated. The Company does not
undertake any obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
The TSXV has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Contacts: OPEL Solar, Inc. Pat V. Agudow Vice President, Public
Relations (203) 612-2366 Ext 2612 p.agudow@opelinc.com
www.opelinc.com WT Blase & Associates, Inc. Bill Blase, Cathy
Loos, or Stephanie Kuffner Media Relations (212) 221-1079
solar@wtblase.com
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