ROCHESTER, N.Y., Aug. 15, 2017 /CNW/ -- PSECC Solar Farms Ltd, a
climate change mitigation company and developer of solar farms, has
turned to Natcore Technology Inc. (TSX-V: NXT; OTCQB:
NTCXF) to help restore financial viability to a 20 MW
Ghanaian project that was threatened by a 29% reduction in feed-in
tariffs.
A feed-in tariff (FIT) is an economic policy created to promote
active investment in and production of renewable energy sources.
Feed-in tariffs typically make use of long-term agreements and
pricing tied to costs of production for renewable energy producers.
In practice, feed-in tariffs may be payments to ordinary energy
users for the renewable electricity they generate.
The previous Ghanaian government had set the feed-in-tariff at
about $0.137 per KWh, but the
government appointed late in December
2016 has recently said that the signing of new Power
Purchase Agreements (PPA) can have a maximum FIT payment no greater
than $0.10 per KWh.
"The lower FIT payment meant I had to look for the best possible
technology choice for solar panels," says Alan Brewer, CEO and Director of PSECC
(www.pseccsolarfarms.com). "That's when I contacted Natcore,
because the increase in power using their technology meant that the
revenues could be increased by 10% or more and the project could
once again be financially viable."
PSECC had gained a Provisional License in December 2016 for the 20 MW solar farm at
Simbrofo in Ghana. Two additional
20 MW farms are planned for that venue. A commitment for financing
the projects has been obtained from a Polish bank via the European
Central Bank. The estimated build cost of the first 20MW solar farm
at Simbrofo will be $28.776
million.
By licensing Natcore's technology in Ghana, PSECC would also gain exclusive access,
on a regional basis, to Natcore's newest advances, including
laser-processed, back-contact foil cell technology, black silicon
and others as they come on line.
Last month, Natcore and PSECC signed a Memorandum of
Understanding under which PSECC would engage Natcore to develop
solar projects within the United
States.
"We estimate that the fee for a license agreement of this size
will be about $2.5 million," says
Chuck Provini, Natcore President and
CEO. Although we haven't finalized negotiations, we're able to make
a projection based on the savings anticipated by using our
technology."
"From the beginning, our mantra has been 'raise the efficiency,
lower the cost,'" says Provini. "Our new Natcore Foil Cell™ will do
both. It has achieved an efficiency of 20.7% so far, which is
already a relative 20% higher than most commercially available
solar cells, and it uses a revolutionary laser process with a novel
metallization strategy, to create a high-efficiency
all-back-contact cell architecture at low cost. Importantly, it
also eliminates the need for silver, one of the highest-cost
components of a conventional solar cell."
PSECC has formed Simbrofo Light Ghana Ltd, a special purpose
vehicle to take this project forward.
This is the fifth project to be assigned to Natcore as a result
of its Best-of-Breed program. Under that program, Natcore functions
as a consultant on the design and construction of solar cell/solar
panel fabrication facilities and solar farms. Natcore also serves
as a general contractor, hiring subcontractors and vetting every
component of the project, taking advantage of their status and
know-how to get the best available price, quality and efficiency.
The company is in various stages of development on projects in
Belize, Australia, Vietnam and the
United States.
About Natcore Technology
Natcore Technology is focused
on using its proprietary nanotechnology discoveries to enable a
variety of compelling applications in the solar industry.
Specifically, the company is advancing applications in laser
processing and black silicon solar cells to significantly lower the
costs and improve the power output of solar cells. With 65 patents
(31 granted and 34 pending), Natcore is on the leading edge of
solar research. www.NatcoreSolar.com
Statements herein other than purely historical factual
information, including statements relating to revenues or profits,
or Natcore's future plans and objectives, or expected sales, cash
flows, and capital expenditures constitute forward-looking
statements. Forward-looking statements are based on numerous
assumptions and are subject to all of the risks and uncertainties
inherent in Natcore's business, including risks inherent in the
technology history. There can be no assurance that such
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on such statements. Except in accordance with
applicable securities laws, Natcore expressly disclaims any
obligation to update any forward-looking statements or
forward-looking statements that are incorporated by reference
herein.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contact: Chuck Provini
585-286-9180
Info@NatcoreSolar.com
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SOURCE Natcore Technology Inc.
