ROCHESTER, N.Y., Jan. 10, 2017 /CNW/ -- A US$300 million solar project managed by
Natcore Technology Inc. (TSX-V: NXT; OTCQB:
NTCXF) has been included in the list of selected
projects for the development of solar energy in Vietnam's Binh Thuan
Province of Vietnam, and
has been approved by the Province People's Committee.
Next up: confirmation by VietNam Electricity (EVN) and by the
Ministry of Industry and Trade (MOIT).
Only projects listed and approved in this manner can be
developed in Binh Thuan Province.
EVN is the largest power company in Vietnam, with an installed electricity
generation capacity of 23,579 MW and a transmission network of
13,597 miles (as of 2015). MOIT is the Vietnamese government
ministry responsible for the advancement, promotion, governance,
regulation, management and growth of industry and trade.
The 200MW project will be completed in several phases. By
developing the project in tranches, Natcore and its partners will
be able to generate revenue before the entire project is completed.
The first site would occupy 95 hectares (235 acres).
At the request of financial institutions, including banks and
investment funds, Natcore has completed these documents for
submission:
- Feasibility Study for a Preliminary Project of 56.18 MW;
- Business Plan;
- A partial Information Memorandum.
- Land Use Agreement;
Natcore is working on the project with a European developer of
international renewable energy projects and a Vietnamese
consortium. A holding company will be formed to develop the
project.
This project is an outgrowth of Natcore's "Best of Breed"
program, under which the company functions as a consultant on the
design and construction of solar cell/solar panel fabrication
facilities and solar power farms. As part of this service, Natcore
recommends a selection of manufacturing equipment to its clients.
For the Vietnam project, Natcore
has already received offer from suppliers of these components and
services:
- Modules
- Inverters
- Design, engineering and supervision
- Engineering, Procurement and Construction (EPC)
- Electrical Substation
Natcore first announced the project on 8/16/16, when the company
and its partners signed a Memorandum of Understanding. Natcore will
be compensated on a "cost-plus" basis and with licensing fees for
its technology as it is provided.
"We're extremely excited about the rapid advancement of this
project and our achievement of these key benchmarks," says Natcore
President and CEO Chuck Provini. "We
expect to travel to Vietnam in the
near future to finalize the next steps with our local
partners."
About Natcore Technology
Natcore Technology is focused
on using its proprietary nanotechnology discoveries to enable a
variety of compelling applications in the solar industry.
Specifically, the company is advancing applications in laser
processing, black silicon and quantum-dot solar cells to
significantly lower the costs and improve the power output of solar
cells. With 65 patents (31 granted and 34 pending), Natcore is on
the leading edge of solar research. www.NatcoreSolar.com
Statements herein other than purely historical factual
information, including statements relating to revenues or profits,
or Natcore's future plans and objectives, or expected sales, cash
flows, and capital expenditures constitute forward-looking
statements. Forward-looking statements are based on numerous
assumptions and are subject to all of the risks and uncertainties
inherent in Natcore's business, including risks inherent in the
technology history. There can be no assurance that such
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on such statements. Except in accordance with
applicable securities laws, Natcore expressly disclaims any
obligation to update any forward-looking statements or
forward-looking statements that are incorporated by reference
herein.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contact: Chuck Provini
585-286-9180
Info@NatcoreSolar.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/natcores-200-mw-vietnam-solar-project-receives-essential-government-approvals-300388411.html
SOURCE Natcore Technology Inc.
