Atlantic Wind and Solar to Acquire CIT Manufacturer

Atlantic Wind and Solar Inc. is acquiring a 60% interest in Aim Global Energy Inc., the manufacturer of leading edge, high-yield converter/inverter (CIT) technology used in AWSL’s high yield Renewable Energy systems.

Atlantic initiated the acquisition of Aim in order to simplify the supply chain of Aim’s high performance inverters and to provide a degree of control for AWSL in ensuring that its clients’ orders for renewable energy systems will be fulfilled on time.

The Aim acquisition is being carried out following the default by the vendor in the original agreement, announced previously, to acquire a 47.5% interest in Hybridyne Power Systems Canada (HPSC), rendering the transaction null and void. The cancellation of this transaction will be reflected in the upcoming restatement of the company’s quarterly and annual filings.

The company also announced that it has been approached by various groups to quote on multiple wind and solar projects in India and discussions are continuing. Last fall, India’s Central Electricity Regulatory Commission (CERC) announced a strategic move to use a comprehensive system of feed-in tariffs (FIT) to advance this major developing economy’s renewable energy potential. With 1.1 billion people and extraordinarily rapid economic growth, it is now clear that the growth potential for efficient Renewable Energy systems in India is enormous.

India’s FIT Program The introduction of India’s FIT program (following India’s previously announced National Action Plan on Climate Change that called for five percent of electricity generation in India to be from renewable sources by 2010 and to increase one percent per year for the next ten years) provides a framework for rapid growth in the adoption and development of Renewable Energy in the foreseeable future.

Key elements in the Indian program include the following:

  • Includes all Renewables
  • Tariffs based on cost of generation plus profit (19% ROE)
  • Contract terms: 13 years
  • Contract term for Solar PV & Solar Thermal: 25 years
  • Contract term for hydro <3MW: 35 years
  • Wind tariffs based on resource intensity
  • First review within three years, except for solar PV which begins after one year
  • Market size: ~1.1 billion people
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