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Eco (Atlantic) Oil and Gas Ltd. Announces Launch of Eco Atlantic Renewables
New venture seeking to develop exclusive pipeline of low cost, high yield solar photovoltaic...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd. Announces Launch of Eco Atlantic RenewablesNew venture seeking to develop exclusive pipeline of low cost, high yield solar photovoltaic energy projectsTORONTO, ON / ACCESSWIRE / January 26, 2021 / Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO)(TSX-V: EOG), the oil and gas exploration company with licences in proven oil province in Guyana and the highly prospective basins in Namibia, is pleased to announce that it has formed a new company (\"Eco Atlantic Renewables\") with Nepcoe Capital Partners Ltd. (\"Nepcoe\"), a renewable energy developer and investment company, to source, acquire and develop an exclusive pipeline of potential high yield solar projects. Eco (Atlantic) Oil & Gas Ltd. (\"Eco Atlantic\") owns 70% of Eco Atlantic Renewables and the remaining 30% is owned by Nepcoe.HighlightsEco Atlantic Renewables has been formed to source, acquire, and develop exclusive renewable energy projects and to create value through low cost, high yield, solar power development.Investment into renewables, alongside its principal oil and gas exploration business, will see Eco Atlantic becoming a diversified, growth oriented energy company.Eco Atlantic Renewables has been established to capture opportunities in the shifting energy market and subsequent attractive economics driving global solar photovoltaic (\"PV\") energy demand growth.Eco Atlantic is providing a shareholder loan of up to US$6m (the \"Loan\") for its 70% stake in Eco Atlantic Renewables. It is anticipated that the Loan will be repaid in full upon a monetisation of the solar PV assets, from future third party investment into Eco Atlantic Renewables or from future project cash flows. Eco will maintain its majority interest following repayment of the Loan.Through the joint venture with Nepcoe, Eco Atlantic Renewables has secured exclusivity to a potential pipeline of more than 2 Gigawatts (\"2 GW\") of prospective PV projects, mainly in Southern Europe's high solar hours' sunbelt.First acquisition of a fully licensed and permitted ready-to-build project for an aggregate consideration of c.€1.1m paid by Eco Atlantic Renewables using funds available from the loan completed on 25 January 2021. The acquired 10.57 MW Kozani project in Greece has a secured feed in tariff and management estimates an internal rate of return (\"IRR\"), once bui...