Enerdynamic Hybrid Technologies Corp. ("EHT" or the "Company") is pleased to announce that it will begin construction on more than 143 commercial rooftop solar energy installations in Ontario, Canada. In aggregate the portfolio exceeds 38 Megawatts.
The entire solar energy installation portfolio will be built and connected into the Ontario electricity grid and is backed by 20 year Power Purchase Agreements with the Ontario Government. The Power Purchase Agreements were awarded under the FIT 3.0 Program (Feed in Tariff) and provide for a rate of 32.9 cents per kilowatt hour of electricity produced. In total the solar energy installations will generate more than $15 Million in annual recurring revenue.
The first solar energy installation will be built on the Hazel McCallion Public School in the region of Peel. Construction of the solar energy installation will begin in March, 2015. The remaining solar energy installations will be built, on various school rooftops in the Peel District School Board portfolio, and will collectively span more than 5.5 million square feet in size.
As each solar energy installation is built, it will be connected into the Ontario electricity grid and generate recurring revenue immediately. EHT anticipates that it will construct up to 3 solar energy installations per month in 2015 and up to 5 solar energy installations per month in 2016 and 2017.
The solar energy installations, in aggregate, will provide up to 3,500 homes with clean electricity, offset approximately 13,000 tonnes of C02 annually and create more than 150 direct skilled jobs.