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Mon 12/2/2019 7:26 AM
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As per the rules and conditions of the Power Service Agreement, the energy will be sold at the rate of $0.14 per kWh over the next 20 years! It would be marketed to Nantong Data Centre in China, as they have an exclusive agreement with NuCloud International Energy Development Inc.. Besides, this plant aims to utilize the waste heat from industrial processes and energy production to electrical energy! For this, the plant could use TPE's modular Organic Rankle Cycle (ORC) system. The best part is, this great endeavor has an unmatchable potential for future expansion up to 900MW! Hence, the final agreement is expected to be officially signed in December 2019. ?? ?? ?? GPGC announces that its subsidiary, Los Santos Energy Corp., a Panamanian company that's 80 percent owned by otc:GPGC, has signed a 10-year power purchase agreement (PPA) with Generación Solar for biomass energy in the state of Chiriquí situated on the west shore of Panama. This project will produce a new recurring revenue stream for GPGC?? ?? ?? , which will deliver long-term value to its shareholders. Generación Solar supplies solar energy to the Panamanian market. It needs a secondary source of power to ensure uninterrupted service for the clients. Biomass is an ideal source of energy as it makes good use of manufacturing waste products and is considered CO2 neutral because it only releases CO2 into the atmosphere that was recently absorbed by the plants being used as biomass. "Along with the contribution of clean energy, we're proud to take part in this project, as it provides jobs and developments to the economy of one of the most economically depressed regions in the nation," said Daniel Hernández Rodríguez, CEO of Grupo Istmo Solar which owns Generación Solar. With an initial capacity of 5 megawatts (MW), the biomass power plant will use palm oil extraction residues (biomass) to generate electricity. Project AM, a Panama-based project management company, will oversee the construction and operation of the plant, which is expected to be operational within one year. "This project will hopefully be the first of many projects of the sort to be developed by GPGC?? ?? ?? and Los Santos Energy Corp. in the region for its sustainability and contribution to the welfare and economy of local farmers," stated Einar Simons, President of Project AM. The initial cost of the project is estimated at $13 million USD; it is expected to present gross yearly revenues of $3.5 million with operating expenses of $1.1 million. GPGC?? ?? ?? is currently in the process of finalizing the financing for this project through Polaris Capital Power Inc.. "We're excited to move forward with this project, to develop and provide an energy source which will have a positive effect for the local community we're serving, while benefiting our shareholders with recurring revenues," said Ramiro Guerrero, President and CEO of GPGC : otc. About GPGC : otc