WorldWater Corp. announced today that it has signed an agreement with the Phillipine Cebu Electric Cooperative (CEBECO), a major electric utility in the Province of Cebu for the installation of 1,200 solar home electrification systems.
PENNINGTON, N.J., Dec. 5 — WorldWater Corp. (OTC Bulletin Board: WWAT), announced today that it has signed an agreement with Cebu Electric Cooperative (CEBECO), a major electric utility in the Province of Cebu, the Philippines, for the installation of 1,200 solar home electrification systems. Initial phase of the project is valued at $600,000, with a total Cebu program estimated at $40 million, according to Company officials. World Water Corp. is a full-service water management and solar engineering company specializing in solar pumps and solar electrical systems to provide clean water and electricity to users in developing countries around the world. Guido Delgado, Chairman of WorldWater Philippines and former President of the National Power Corporation of the Philippines, declared that, “This project is the first segment of a full Energy Services Company (ESCO) joint venture which we expect to form with CEBECO.” Dr. Anand Rangarajan, Executive Vice President of WorldWater Corp. and President of WorldWater Philippines, said that 75,000 homes remain unelectrified within CEBECO territory. The objective of this project is to bring 100% coverage within CEBECO territory, an estimated program of $40 million, he said. WorldWater Corp. Chairman and Chief Executive Officer Quentin T. Kelly said that “Under terms of the agreement with Cebu Electric Cooperative Inc., the Company is partnering with the National Renewable Energy Laboratories (NREL) of the US Department of Energy (USDOE), which has entered into a three-way memorandum of understanding with WorldWater Corporation and CEBECO. The systems will include solar panels, lamps, batteries, control units and wiring for each installation and the project will include community capacity building and cost recovery.” Francisco Silva, President of CEBECO, said “This project will serve as a model not only for CEBECO but also for the whole nation of about 7,000 islands, where 50% of all unelectrified homes are expected to use solar energy and other renewable energy technologies. We at CEBECO look forward to working with WorldWater and NREL of the US Department of Energy.” WorldWater Corp. is extensively involved in water and solar electricity projects in the Philippines. This project is in addition to a Province-wide project valued at $20 million to bring drinking water to 100,000 people in 150 villages in the Province of Cebu, Mr. Kelly said. WorldWater earlier signed with the Province of Sulu to supply water to all of the islands in that southernmost province. Province officials estimate the full value of that contract at $30 million over three years. “Cebu Electric Cooperative holds the electric distribution utility franchise in the southern part of the province and plans to use solar power technologies to provide electricity for lighting and other purposes to communities in its coverage area,” Mr. Kelly said. “Selecting our Company as contractor for this major project shows Cebu Electric’s confidence in WorldWater Corp.’s ability to assist CEBECO in technical expertise in the field of solar energy, project financing and commitment to social capacity building.”