$SLMU great news for $SLMU much more on the way! r

$SLMU great news for $SLMU much more on the way! read this!!:

$50m solar project takes off
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SOLAR POWER: Samoa is expected to save substantial sums of money as the project is launched at Faleolo this afternoon.

Yesterday heralds a historical event for Samoa at Faleolo. The first site of a large-scale renewable energy project using solar is being dedicated. It has taken over two years to reach this stage.

Solar Samoa Limited, a private Samoan registered company is financing the total project at a cost of over $50 million. The Government under the leadership of Prime Minister, Tuilaepa Sa’ilele Malielegaoi has been heralded for making the project possible.

Solar Samoa Limited has already installed a demonstration model of solar panels on top of the new Court House building at Mulinu’u at their own expense, costing $300,000. This was done over a year ago to prove to EPC their technical capability, as this project of such a large scale has never been tried in Samoa – or anywhere else in the Pacific.

“The project will take about two years to complete after which a solar infrastructure set up at different locations in Samoa will produce four mega watts of energy into the Electric Power Corporation (EPC) grid,” a statement from the Project team says.

“On the completion of this project, Samoa will become the leader in the Pacific in terms of solar energy supplier on a per capital population basis. No other Pacific island has or is planning a renewable energy production of this size.” Benefits to Samoa will include a substantial reduction in carbon emissions as well as over $800,000 savings per year to EPC by way of direct diesel cost reductions.

“There will be no environmental negatives as no batteries will be used and no diesel needed. The solar plant will complement hydro and diesel energy production as the latter will be needed to generate electricity during the night and other periods as required.”

The project when completed will replace about 10per cent of the current estimated diesel generated power. Sunlogics Power and Daystar’s Eco Energy Solutions (Australia) Pty Limited together with Solar Samoa Limited and

their local partners and EPC have been instrumental in getting Samoa’s first private Power Generating license to start the companies’ mandate in Samoa.

The Regulator has in writing given authority for the Sunlogics team via Solar Samoa Limited to produce electricity using renewable energy. A PPA has been signed subject to the Regulator’s final approval.

“This transaction creates significant sustainable value for our Country,” said Prime Minister Tuilaepa. “Samoa is committed to reducing Carbon reduction and this first step shows that the Government of Samoa is a committed global partner in emission reduction.

“The structure created by Mr Matvieshen and Mr Yost with the assistance of its local partners in Samoa is excellent and a win for all parties.

We are enthusiastic in working together with the Sunlogics team.” Mr Yost said “it is very fulfilling to see this transaction getting final approvals. This opportunity is a win for every stakeholder in this project.” Mr Matvieshen on the other hand praised Tuilaepa’s leadership.

“The Prime Minister the Hon Tuilaepa Sailele Malielegaoi has been bold in stewarding his nation towards renewable energy,” he said. “His Government has enabled a st reaml ined process for the construction and operation of Sunlogics Solar power systems in the country.

The Government agreement to place Sovereign guarantees on the PPA performance terms including Sunlogics electricity revenues has made for a very stable structure for our company.

“We also believe that the process and the structure in Samoa will be a template for other nations.” Daystar Chairman and Interim CEO, Peter Lacey agrees. “We are extremely excited to be part of Samoa’s future,” he said. “This transaction represents a critical step in the new strategic direction of DayStar.

We look forward to working with Michael and his team and to continue to pursue opportunities that will be mutually beneficial to our shareholders.”