OPEL Solar, Inc. and BETASOL Secure Spanish Feed-In Tariff for One of World's First Commercial HCPV Power Installations Utility Grade Solar Farm of 330 kW Delivers a 20-Year Revenue Stream for Owner
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
For further information:
Pat V. Agudow, Vice President, Public Relations, OPEL Solar, Inc., Tel: (203) 612-2366 Ext. 2612
Bill Blase, Cathy Loos or Stephanie Kuffner, Media Relations, WT Blase & Associates, Inc., Tel: (2212) 221-1079, Email: email@example.com
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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.