Upower and American Capital Energy Announce Joint Venture for Solar Projects

BOCA RATON, Fla. - Sept. 26, 2015 - PRLog -- BOCA RATON, FL– (UPOWER – SEPT 23, 2015) – Upower, Inc. (“Upower or UPI”), an emerging Independent Power Provider (IPP) and incubator of Solar Projects worldwide, announced today that on September 23, 2015, entered into a mutually benefitting Joint Venture (“J.V.”) with American Capital Energy, Inc.(“ACE”), a Lawrence, MA decade old Solar Power developer and EPC (Equipment, Procurement, Construction) firm with strong financial partners. Together, ACE and UPI have formed ACE UPI, LLC., a Delaware limited liability company for the purpose of combined efforts in securing land, attaining governmental approvals, acquiring power purchase agreements, and obtaining incentives such as tax benefits when available, with a focus of execution and completion in the development of Solar Power Plants.

Together, ACE UPI has initiated land lease acquisition efforts and both preliminary and advanced land and solar studies in several countries including the Bahamas, Mexico, Zambia, and South Africa.  We are exploring the possibilities of developing multiple solar projects of different size in these regions. We have commenced feasibility studies and cost analysis, while engaging ourselves in a multitude of additional reports and studies for the development of such projects.

ACE UPI strives for a near-term objective of procuring several Power Purchase Agreements (PPA’s) for these potential project development locations with the aim of completing their development and the commissioning of these Solar Plants as our goal.  We are aggressively pursuing several 2-30 megawatt (MW) solar power plant(s) throughout the islands of the Bahamas, namely Grand Bahama and Great Abaco via the Bahamian Government and its agencies, including the Bahamas Electricity Corporation (BEC). As of this press release, 100 acres of land has been secured privately in Southern Eleuthera and are attempting to secure other project sites through the Office of The Prime Minister, through our local partners.

In Mexico, ACE UPI is in the process of securing 500 hectares (1,235 Acres) in the San Luis Rio Colorado region, just south of the boarder of Yuma, AZ for a large 200 MW solar project.  A cost analysis and feasibility report is being completed September 2015 to submit to the Comision Federal de Electricidad (CFE).

David Macias, Upower’s CEO/Chairman, said that “The J.V. with ACE is Upower’s most significant development to date. This Joint Venture further evidences Upower management’s efforts, by restructuring its business model, and adding key components of construction expertise and availability to project finance access.

About American Capital Energy (ACE)

American Capital Energy, (ACE)is the national leader in Public-Private Partnerships (PPP’s) to bring solar PV systems to municipal and public power utilities. ACE is an independent, full-service firm who is technology neutral, working with the best technology suppliers to meet each project’s needs. ACE performs the full range of project-related activities: origination, development, engineering, procurement, construction, financing, and asset monitoring and optimization. Utilities, corporations, and municipalities with large and complex solar projects put their trust in American Capital Energy. American Capital Energy has several hundred of megawatts in projects developed, installed, and/or under construction.  ACE has completed projects in 14 States, developing 80 solar projects to date from New England to California.


About Upower (UPI)

Upower, (UPI) is an emerging Independent Power Provider (IPP) focusing on generating electricity by developing power plant opportunities globally through its well established relationships, and strives to maximize performance and returns for our shareholders, while remaining environmentally conscious. Upower has entered into a Joint Venture with proven solar PV market leader ACE, who is both a developer and EPC, Equipment, Procurement, Construction company with many solar photovoltaic systems installed to date throughout the United States. Our expertise together, combined with its access now to Project Financing made available through ACE UPI is where Upower’s strength and global reach lie, namely in Latin America, the Caribbean, and Africa.

FORWARD LOOKING STATEMENTS: Certain statements made by Upower, its subsidiaries and members of its management team on its behalf in this release and other periodic oral and written statements, regarding Upower’s operating performance, events or developments that Upower believes or expects to occur in the future, including those that discuss anticipated financial results, strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, growth of Upower or of the market for its products and services, or general belief in Upower’s expectations of future operating results are forward-looking statements. All such forward-looking statements are subject to risks and uncertainties, including the need by Upower for substantial additional working capital to materially advance its business plan; no assurances that Upower will be able to secure such capital or the terms upon which such capital may be secured, if at all; technology and other challenges involved in the development and operation of Upower’s planned products and services, including the performance of technology which may be utilized by Upower, compliance with local, regional and national power generation, environmental and related laws, and local, regional and national governmental cooperation; local, regional and national economic considerations, including residential and industrial energy demand; foreign currency effects; Upower’s ability to protect its intellectual property; the ability to integrate acquisitions successfully and the risk that expected synergies may not be fully realized or may take longer to realize than expected; and competitors’ product introductions, pricing and other competitive pressures, as well as other risk factors and uncertainties. Forward-looking statements included herein are made as of the date hereof, and Upower undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.

Source: Upower, Inc.