May 22, 2019 – Global PoleTrusion Group Corp. (GPGC) is pleased to provide an update on its energy generation projects in Central and South America. The GPGC team is focused on developing projects that will deliver a continuous stream of revenue and maximize value for our shareholders.
Baru-1 Biomass Energy Project in Chiriquí, Panama
GPGC’s subsidiary, Los Santos Energy Corp. recently signed a 10-year Power Purchase Agreement (PPA) with Generación Solar for the Baru-1 power plant in Chiriquí, Panama. The plant will have an initial capacity of 5MW and will use biomass from palm oil extraction residues to generate electricity.
The GPGC team has completed the final engineering, budgets and planning for this project. They are now in the process of applying for environmental and construction licenses, as well as operation permits. GPGC is currently working to finalize the financing for this project through Polaris Capital Power Inc.
Solar Energy Project Los Santos, Panama
GPGC previously announced plans for a 5MW solar plant in the Province of Los Santos, Panama. After completing the engineering plans and a careful financial review, GPGC determined that it would not be profitable to build this solar plant with a 5MW capacity due to the high cost of the initial setup. GPGC will review the feasibility of increasing the energy capacity for the solar plant and will move forward with the project should it become economically viable.
Solar Energy Project in Camaná, Peru
GPGC signed a PPA with the Mayor of the district of Nicolàs Périola for a 30MW solar energy plant in Camanà, Peru, in 2018. A new mayor has since been voted in. He wishes to review the PPA at a later time and reconsider the type of technology used by GPGC to generate electricity for this project in favor of a waste-to-energy system that would allow them to recycle and redirect their waste from landfills. This project is currently on hold pending further discussions with the local government.
Solar Energy Project for Mines in Arequipa, Peru
In 2018, GPGC announced a potential project with the Regional Management of Mines and Energy (GREM, acronym in Spanish) of the Arequipa Regional Government in Peru to conduct an engineering study for the installation and operation of a 2MW solar plant for the mining community.
In order to move forward with the construction of the plant, GPGC required payment guarantees from the mining companies or the government to minimize financial risks. These guarantees have not been obtained, therefore GPGC has decided to cancel the project.
About Global PoleTrusion Group Corp.
GPGC is an engineering firm that caters to the needs of telecommunications and utility companies, providing composite poles, towers and renewable energy solutions. Their composite structures outperform their steel, wood and concrete counterparts as they are stronger, lighter, easier to install and environmentally safe. With its advanced engineering and manufacturing capabilities, GPGC is at the forefront of providing creative and effective solutions to address the needs of utility companies.
PoleTrusion Canada provides engineering services for GPGC. They create the latest state-of-the-art composite structures, custom-designed based on the needs of their clients. The company is part of the Advanced Composite Materials for Civil Structures Chair at the University of Sherbrooke. Dr. Benmokrane, a director of the Chair, is on the technical board at GPGC.
This news release may contain « forward-looking statements, » as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.