May 12 2015
GOLDEN AGE RESOURCES, INC., a leading energy provider for large-scale "Green" power plants in Latin America and the Caribbean, today announced construction plans and financing on Cogeneration Pilot Project as mentioned in previous Press Release dated April 28.
Mr. Thomas Wolff, Vice President of Golden Age Resources Mexico S de R.L. stated: "The 100Kw Biomass to Energy Plan will build as a scalable WTE (Waste to Energy) Plant with a 2 Mw/hour output by using organic municipal and/or sisal waste with planned implementation of the new fuel cell technology provided from our Strategic Alliance Partner GEI Global Energy Corp."
As soon as the plant reaches initial planned capacity of 2mW/Hr the total energy produced will be 17.52 gW/Yr. The energy generated from the WTE plant will be sold to the CFE (Commission Federal de Electricidad) with a signed 20 year Power Purchase Agreement.
Construction of the Cogeneration Pilot Project will take place on a leased parcel of land that is 800,000m2 of total area. The initial pilot project will only require 20,000m2 of the parcel, with the remainder of the land to be used for future construction of larger WTE plants. By integrating GEIG's new fuel cell technology with further increase of power production, the additional plants are estimated to produce more than 200gW/h per year.
The construction of the Cogeneration Pilot Project is to begin in Q4 of 2015. The estimated build time and installation of the 2mW/h plant is 6 months. The plant is scheduled to "go online" in Q2 of 2016.
The complete cost for 2mW/h WTE pilot project and the integration of the new Fuel Cell Technology will be US$2,000,000. Financing of the project has been arranged through a US hedge fund with a signed US$ 7,000,000 Equity Line dated April 1, 2015.
Mr. Terence Byrne, CEO of The Company commented, "With this Financing committed to Golden Age Resources, Inc. and Golden Age Resources Mexico, it is forecasted that this Pilot Project will become profitable by Q4 2018 and will remain profitable through the end of the 20 year Power Purchase Agreement. Upon reaching profitability the projected profit will be US$ 876,000 per year."
This pilot project along with the US$ 7,000,000 financing will allow the Company to further develop both commercial and residential "Green" energy power production from both WTE and solar powered systems to produce operational cash flow for the Company during the construction period.
Source: http://www.gdarinc.com