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IRVINE, Calif., June 3, 2013 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCQB:UBRG), a publicly traded independent diversified energy company, that markets and distributes natural gas, electricity, petroleum and coal, announced that its subsidiary, NDR Energy Group, has signed a Memorandum of Agreement (MOA) with JSG Solar Inc., to build a solar power farm in eastern North Carolina, USA. The estimated cost to build the facility is $167 million. The project is projected to generate an estimated $301 million in revenues over 25 years.
The solar power facility would be owned by NDR Energy Group, which would make NDR an electric power producer. The solar facility would be built on approximately 425 acres of land and generate 80-100MW (megawatts) of electricity for sale to electric public utilities in the North Carolina service area. The estimated annual electricity production is 143.9 million kilowatt hours (kWh).
JSG Solar, Inc., is a comprehensive solar integrator providing engineering, design and installation services for solar PV and thermal systems. Prior to entering into the MOA, NDR Energy initiated discussions with a large North Carolina utility to sell to them the electric power generated from the facility via a 25 year term Power Purchase Agreement (PPA). NDR plans to execute the required regulatory filings, including the CPCN filing, in the near future.
NDR Energy Group's President, Ken Harris says, "This is a complex and exciting project for NDR Energy. When we received our FERC license several months ago, we began exploring potential verticals. We began our pursuit of power/electricity trading opportunities with a large electric utility in North Carolina. Simultaneously, we developed a relationship with an investment fund in Ireland that represented a solar company that was working on projects in North Carolina. Our state, of course, has very favorable tax credits and incentives for solar projects. We selected a large solar project in eastern North Carolina as our initial point of emphasis. The project is 80-100 megawatts. Because of our existing relationship with the electric utility, we were able to initiate discussions related to a PPA immediately. In light of the utility's willingness to explore a PPA, we are moving forward with securing the appropriate land rights and meeting all regulatory requirements. We have just completed execution of the Memorandum of Agreement with the project coordinator and NDR is designated as the owner and developer of this great project."