North Randall, Ohio, January 17, 2018 – Global PoleTrusion Group Corp. (GPGC) has entered into an agreement with an electrical distribution company under contract to the government of Panama for the installation, maintenance, and operation of a 5 MegaWatt (MW) solar plant in Los Santos Province, Panama. GPGC is currently working on engineering plans which will be completed by the end of April 2018, at which time a Power Purchase Agreement (PPA) will be signed.
The first phase of the project will produce 5MW of electricity. At a rate of USD 0.17 per kilowatt hour (kWh), this project will yield up to USD 50 million during the first licensing period of 20 years. In the second phase of the project, GPGC plans to sign a PPA with the Panamanian government to ensure a return on investment over a longer period. This will help support the country’s objective of having an energy matrix composed of 70% renewable sources by 2050.
The solar plant will be built on 20 hectares of land. Enfitec, a local Panama company, will provide sufficient land for future expansion in order to increase the energy capacity to 200MW in phases two and three of the project. The existing land offers the possibility of installing both solar and wind systems, as it is located at 1km from the Pacific Ocean.
About Global PoleTrusion Group Corp
Global PoleTrusion Group Corp. (GPGC) is an engineering firm that caters to the needs of utility companies, providing poles and towers that outperform their steel, wood and concrete counterparts. They are stronger, lighter, easier to install, environmentally safer and longer lasting. GPGC provides customized solutions for varying needs all over the world.
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