Grid Essence achieves important milestone: 38.2 MW of PV grid connections in the southern United Kingdom
Grid Essence Holdings Ltd and its wholly-owned subsidiary Grid Essence UK Ltd (“Grid Essence”) is pleased to announce that it has successfully connected an aggregate of 38.2 MW of photovoltaic (“PV”) power plants into the southern United Kingdom (“UK”) region’s grid network. This timely grid connection enables the production and distribution of over 37.8 GWh of power generation that qualifies for the 1.6 ROCs (Renewable Obligation Certificates) regime issued by the UK Department for Energy and Climate Change. Grid Essence anticipates that it will connect another 21 MW of PV to the grid under the 1.4 ROCs regime by the end of June 2014, thus increasing the total capacity to 59.2 MW. Together, these solar power plants will generate 58 GWh of electricity every year.
Steve Bourbonnais, the Co-Founder & Chief Executive Officer of Grid Essence, expressed that "We are excited about reaching this important milestone, which demonstrates that Grid Essence is a serious contender in the PV generation space. We plan to continue to support the UK PV industry by investing in new project under the 1.4 ROCs regime to help meet the rising energy demands". In turn, this new 38.2 MW of grid connection effectively positions Grid Essence to reach its operating megawatt targets for 2014, while delivering added-value to our esteemed investors.
Grid Essence would also like to announce that it continues to work with Zidane Capital Corp. (“Zidane”) to file an updated filing statement with respect to the acquisition of all of the issued and outstanding securities in the capital of Grid Essence by Zidane (the "Qualifying Transaction"). It is anticipated that the Qualifying Transaction will be completed in the third quarter of this year and upon completion, the securities will commence trading via the TSX Venture Exchange, which is part of the TMX Group, who also owns the Toronto Stock Exchange. Grid Essence will provide additional information as it becomes readily available.