GREEN MOUNTAIN, N.C., April 11, 2011 (GLOBE NEWSWIRE) -- Clean Energy Pathways, Inc. (Pink Sheets:CPWY), an alternative and renewable energy solutions company, has signed a joint venture agreement with Green Mountain Properties to develop a $28 million solar power plant in Green Mountain, NC. Under the agreement, Green Mountain will provide 40 acres of land for the facility. Clean Energy Pathways will be lead developer, engaging ESA Renewables, LLC as co-developer to provide a turnkey solution to have the project operational within four to six weeks of breaking ground.
Clean Energy Pathways will own the plant, which is expected to generate approximately $5.7 million in revenue for the company within the first year. Company CEO J. Michael Parsons says this is the start of a series of such projects that will be a significant part of the company's future. "This first solar power development is the beginning of a pipeline of such projects we have planned for 2011," said Parsons.
ESA Renewables has an extensive track record of fast-track development and management of solar power projects. Based in Florida, the company has developed over 400 solar power facilities in the last two years. Jeff Burkett, CEO of ESA Renewables, said that the initial Green Mountain development can be completed very quickly. "ESA employs a technique that allows us to build a 4 megawatt solar power facility in fewer than 8 weeks after we have received permits," said Burkett.
About Clean Energy Pathways
Clean Energy Pathways, Inc. is a company focused on delivering multiple solutions to aid businesses and government facilities in attaining energy independence, reduced costs and a cleaner environment. These pathways to energy independence include biomass fuels, solar systems, wind energy, building energy management systems and other technologies, as well as financing of, and gain-sharing in, the improvements. For more, see cleanenergypathways.com.
About ESA Renewables
ESA Renewables, LLC is a turnkey solar power engineering company located in Lake Mary, Florida. ESA has global exposure in the solar industry with 375 worldwide generating facilities. ESA's expertise consists of designing, fabricating and maintaining solar photovoltaic electric systems. For more information about ESA Renewables, LLC, visit esarenewables.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause future results to differ materially from the forward-looking statements. You should consider these factors in evaluating the statements herein, and not rely on such statements. The forward-looking statements in this release are made as of the date hereof and Clean Energy Pathways, Inc. undertakes no obligation to update such statements.
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