NEW YORK, NY and ST. CLOUD, FL--(Marketwire -07/30/12)- RenuEn Corporation (RENU), a rapidly expanding renewable energy roll up company focused on solar, wind and geothermal energy solutions, is pleased to announce that the Company has secured a 50 MGW Solar project in Pakistan through its pending acquisition of Team Energy, Inc. The project will be managed by a foreign operating subsidiary, which is also joining RenuEn upon closing of the acquisition. The Power Purchase Agreement (PPA) is guaranteed by the Government of Pakistan and is for 25 years. For their management in the project, the Company will realize income throughout the duration of the PPA.
"Team Energy has extensive international experience in developing power projects and this 50 MGW Solar farm is just one of many they have secured," stated James Scott, CEO of RenuEn. "This 50 MGW Solar project is a prime example of why the acquisition of Team Energy is so significant for our Company. Their reputation as a leader in large-scale power development projects is outstanding, and we are proud to be joining forces with a company of their caliber."
The projected installed cost is $200 million, and the Company will be choosing its construction partner soon. Government of Pakistan shall be the power purchaser. Project meets all of the criteria for MIGA investment guaranty coverage. MIGA is a division of the World Bank.
"Although our primary focus is on domestic Landfill Compressed Natural Gas, Team Energy has many other opportunities to bring selective projects like this to the Company," commented Don Wood, CEO of Team Energy. "We are very excited to secure such a large and prestigious project like this, and we look forward to continuing to bring these types of specialized projects to RenuEn."
About RenuEn Corporation
RenuEn Corporation focuses on Geothermal, Wind and Solar Energy Systems sales and installation for the residential, commercial and governmental market place enhanced with a keen eye toward Economic Think Tank Participation specific to the Renewable Energy Industry. Our goal is to be the premier gateway to the renewable energy market for both technology developers and consumer solutions while providing leadership to an expansive and rapidly growing yet simultaneously fragile industry. Fore more information regarding RenuEn Corporation, please visit: www.renuen.com
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
- Government of Pakistan
Paramount Advisors, LLC