Sept. 28, 2011
Hydro Alternative Energy, Inc. Announces Execution of MOU With ENEE (Empresa Nacional de Energia Electrica) of Honduras
Hydro Alternative Energy, Inc. (“HAE” or the “Company”), an emerging independent power provider, has executed a memorandum of understanding (“MOU”) with Empresa Nacional de Energía Electrica (“ENEE”) of Honduras, a government owned electric power generation and distribution company, for ENEE to purchase up to 25 megawatts of clean electricity from hydroelectric and/or hydrokinetic ocean energy.
The Honduran government, in its strategic plan for development of the country, has established guidelines that provide for “Productive infrastructure as a driver of economic activity.” Through ENEE, the Honduran government is seeking to increase power generation through the use of renewable sources utilizing private and public investment.
Such strategic view of the Honduran government through ENEE, together with the mission of HAE to provide electric energy solutions worldwide, safely, cost-effectively, reliably, and profitably, with minimal or no environmental impact, were the principle drivers to the parties’ successful negotiation and execution of the MOU, pursuant to which ENEE has agreed to provide HAE a power purchase agreement (“PPA”) of not less than 25MW of capacity to generate electric power utilizing ocean currents. Such capacity may be subject to future increase.
Enrique Pallares, President of HAE, said, “We are very excited about the opportunity to work with ENEE to find the ideal locations along the Honduran coastline to install our Oceanus power generation system, which we are currently developing and which will harness the kinetic energy of the ocean to produce safe, cost-effective, clean, reliable electric power. The Honduran authorities have demonstrated the highest level of interest and cooperation in working with us to procure the MOU, and we expect such level interest and cooperation to continue as we move toward the negotiation and execution of a definitive PPA. We are looking forward to being a steady and long term provider of safe, cost-effective, clean, reliable electric energy to Honduras for many years to come.”
HAE is an emerging independent power provider focusing on utilizing hydrokinetic and other power development resources to generate electric power worldwide, safely, cost-effectively, reliably and profitably, with minimal or no ecological impact.
Certain statements made by Hydro Alternative Energy, Inc. and members of its management team on its behalf in this release and other periodic oral and written statements, regarding the Company’s operating performance, events or developments that the Company 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 the Company or of the market for its products and services, or general belief in the Company’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 the Company for substantial additional working capital to materially advance its business plan; no assurances that the Company will be able to secure such capital; technology challenges involved in the development of the Company’s planned products and services; the performance of the Company’s technology; the Company’s ability to protect its intellectual property; the breadth and severity of the global economic downturn; the strength of housing and related markets; retail and industrial demand; foreign currency effects; 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. Forward-looking statements included herein are made as of the date hereof, and the Company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.