Abstract

As in many countries around the world, subsidies to energy in Bangladesh impose a significant fiscal burden, with benefits that disproportionately accrue to high-income households. Any reforms of energy subsidies should benefit the overall economy rather... See More + As in many countries around the world, subsidies to energy in Bangladesh impose a significant fiscal burden, with benefits that disproportionately accrue to high-income households. Any reforms of energy subsidies should benefit the overall economy rather than those who use energy the most. Using a computable general equilibrium model, this study investigates the economywide impacts of the removal of direct subsidies in the electricity sector and indirect subsidies in natural gas in Bangladesh. The study finds that removal of energy subsidies would be beneficial to the economy and would increase gross domestic product. The magnitude of the economic impact depends on how the budgetary savings from the removal of the electricity subsidies and increased revenues due to the removal of indirect subsidies to natural gas are reallocated to the economy. Recycling the savings (or the new revenues) to fund investment would benefit the country most, followed by the case of utilizing them to fund cuts in income taxes, and finally to fund cuts in indirect taxes. Although the reallocation of budgetary savings to households through lump-sum transfers is found to be inferior to the other recycling options considered, it would be the preferred option from the distributional perspective.  See Less -

Read more: How Much Would Bangladesh Gain from...

| Source: Savosolar Plc

multilang-release

Savosolar Plc                                                     
Company Announcement            19 December 2018 at 9.00 a.m. (CET)

Notice to the Extraordinary General Meeting of Savosolar Plc.

Notice is given to the shareholders of Savosolar Plc. to the Extraordinary General Meeting to be held on Tuesday, 22 January 2019 at 16:00 (EET) at meeting room "Edison" at the address Itämerenkatu 11-13, 00180 Helsinki, Finland. The reception of persons who have registered for the meeting and the distribution of voting tickets will commence at 15:30 (EET).

A. Matters on the agenda of the General Meeting

At the General Meeting, the following matters will be considered:

1. Opening of the meeting

2. Calling the meeting to order

3. Election of persons to scrutinize the minutes and to supervise the counting of votes

4. Recording the legality of the meeting

5. Recording the attendance at the meeting and adoption of the list of votes

6. Authorizing the Board of Directors to decide on issuances of shares, options and other special rights entitling to shares

The Board of Directors proposes that the General Meeting authorizes the Board of Directors to decide, in one or more transactions, on the issuance of shares and the issuance of options and other special rights entitling to shares referred to in Chapter 10 Section 1 of the Companies Act as follows:

The number of shares to be issued based on the authorization may in total amount to a maximum of 2,000,000,000 shares, representing approximately 572.68 per cent of the company's shares on the date of this notice.

The Board of Directors decides on all the terms and conditions of the issuances of shares and of options and other special rights entitling to shares. The issuance of shares and of options and other special rights entitling to shares may be carried out in deviation from the shareholders' pre-emptive rights (directed issue), if there is a weighty financial reason for the company.

Shares may be conveyed either against payment or free of charge in the company's share issues. A directed share issue may be a share issue without payment only if there is an especially weighty reason for the same both for the company and in regard to the interests of all shareholders in the company.

The authorization replaces the authorization granted by the Extraordinary General Meeting on 12 June 2018 to the Board of Directors to resolve on the issuance of shares and the issuance of options and other special rights entitling to shares referred to in Chapter 10 Section 1 of the Companies Act. The authorization shall be valid until 22 January 2024.

7. Closing of the meeting

B. Documents of the General Meeting

The proposal relating to the agenda of the General Meeting, the documents referred to in Chapter 5, section 21, paragraph 2 of the Finnish Companies Act as well as this notice are available on Savosolar Plc.'s website at www.savosolar.com. The documents mentioned above are also available at the meeting. Minutes of the General Meeting are available on the above-mentioned website as from 5 February 2019 at the latest.

C. Instructions for the participants

1. Shareholder registered in the shareholders' register

Each shareholder who is registered on Thursday, 10 January 2019 in the shareholders' register of the company held by Euroclear Finland Ltd., has the right to participate in the General Meeting. A shareholder, whose shares are registered on his/her/its personal Finnish book-entry account, is registered in the shareholders' register of the company.

A shareholder, who wants to participate in the General Meeting, shall register for the meeting no later than 17 January 2019 at 4.00 p.m., by which time the registration shall be received. The registration may take place:

  1. at Savosolar Plc.'s website at www.savosolar.com;
  2. by e-mail to address This email address is being protected from spambots. You need JavaScript enabled to view it.;
  3. by phone to number +358 10 271 0810 (Mon-Fri at 10 a.m. to 4 p.m.) or
  4. by mail to Savosolar Plc., General Meeting, Insinöörinkatu 7, 50150 Mikkeli, Finland.

In connection with the registration a shareholder shall notify his/her/its name, personal identification number, address, phone number, email address and the name and the personal identification number of a possible assistant or proxy representative. The personal data given to Savosolar Plc. is used only in connection with the General Meeting and the processing of related necessary registrations and for shareholder communication. Shareholder, his/her/its representative or proxy representative shall, when necessary, be able to prove his/her/its identity and/or right of representation.

2. Nominee-registered shares

A holder of nominee-registered shares has the right to participate in the General Meeting by virtue of shares based on which he/she/it on the record date of the meeting, i.e. on 10 January 2019, would be entitled to be registered in the shareholders' register of the company held by Euroclear Finland Ltd. The right to participate in the General Meeting requires, in addition, that the shareholder has on the basis of such shares been registered into the temporary shareholders' register of the company held by Euroclear Finland Ltd. at the latest on 17 January 2019 by 10.00 a.m. (EET). As regards nominee- registered shares this constitutes a due registration for the General Meeting.

A holder of nominee-registered shares is advised without delay to request necessary instructions regarding the registration in the temporary shareholder's register of the company, the issuing of proxy documents and registration for the General Meeting from his/her/its custodian bank. The account management organization of the custodian bank has to register a holder of nominee-registered shares, who wants to participate in the General Meeting, into the temporary shareholders' register of the company at the latest on the date and time mentioned above.

3. Shares registered at Euroclear Sweden AB

Shareholder whose shares are registered in the securities system of Euroclear Sweden AB and who wants to participate in the General Meeting and use his/her/its voting right, shall be registered at the shareholder's register held by Euroclear Sweden AB on 10 January 2019 at the latest.

In order to be entitled to request for temporary registration in the shareholder's register of Savosolar Plc. held by Euroclear Finland Ltd., a shareholder of nominee-registered shares shall request that his/her/its shares are temporarily registered under his/her/its own name in the shareholder's register held by Euroclear Sweden AB and to ensure that the custodian bank will send the above-mentioned request for temporary registration to Euroclear Sweden AB. The registration shall be made on 10 January 2019 at the latest, and therefore a shareholder shall give the request to his/her/its custodian bank in good time prior to the above date.

Shareholder, whose shares are registered in the securities system of Euroclear Sweden AB and who intends to participate in the General Meeting and use his/her/its voting right, shall request for a temporary registration of his/her shares to the shareholder's register of Savosolar Plc. held by Euroclear Finland Oy. The request to Savosolar Plc. shall be made in written at the latest on 11 January 2019 at 10.00 a.m. Swedish time (CET). The temporary registration through Savosolar Plc. constitutes a due registration to the General Meeting.

4. Proxy representative and powers of attorney

A shareholder may participate in the General Meeting and exercise his/her/its rights at the meeting by way of proxy representation.

A proxy representative shall produce a dated proxy document or otherwise provide reliable evidence of the right to represent the shareholder. The authorization applies to one meeting, unless otherwise stated. When a shareholder participates in the General Meeting by means of several proxy representatives representing the shareholder with shares at different securities accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration for the General Meeting.

Possible proxy documents should be delivered to in originals to Savosolar Plc., General Meeting, Insinöörinkatu 7, 50150 Mikkeli, Finland before the end of the registration period.

5. Other instructions and information

Pursuant to Chapter 5 Section 25 of the Finnish Companies Act, a shareholder who is present at the General Meeting has the right to request information with respect to the matters to be handled at the meeting.

The language of the meeting is Finnish.

On the date of the notice to the General Meeting, 19 December 2018, the total number of shares in Savosolar Plc. is 349,234,464. Each share carries one vote at General Meeting.

In Helsinki, 19 December 2018

SAVOSOLAR PLC
Board of Directors

For more information:

Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Savosolar in brief

Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company's collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar's vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems - market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business, and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savosolar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.

The Company's Certified Adviser is Augment Partners, tel. +46 8 505 65 172.

Read more: Notice to the Extraordinary General Meeting of...

| Source: Atlantica Yield plc

December 14, 2018 – Atlantica Yield plc (NASDAQ: AY) (“Atlantica”), the sustainable total return company that owns a diversified portfolio of contracted assets in the energy and environmental sectors, announced today the closing of the acquisition of Melowind, a 50 MW on-shore wind plant in Uruguay, from Enel Green Power S.p.A. This transaction consolidates Atlantica’s position in the wind and renewable energy markets.

Acquisition Details:

  • 50 MW operating, utility-scale onshore wind plant located in Cerro Largo,  approximately 200 miles from Montevideo.
  • The asset has been in operation since 2015 and has a 20-year US$-denominated power purchase agreement (“PPA”) in place for 100% of the electricity produced.
  • The off-taker is the state-owned power company UTE, which has an investment grade credit rating.
  • The equity value, which was paid using corporate cash, amounted to approximately $45 million. Additionally, the acquisition has been partially financed with the proceeds of a project financing from Santander.
  • With this acquisition, Atlantica increases its market share in the wind market in Uruguay, where it now owns 150 MW.

Santiago Seage, CEO of Atlantica Yield, commented: “Melowind fits our strategy, brings a long contract with an offtaker with whom we already work and is a very complementary asset that we expect will have clear synergies with our existing wind portfolio.”

In addition, Atlantica has also reached a preliminary agreement with Algonquin Power and Utilities Corp. (“Algonquin”) to co-invest in Sugar Creek. Sugar Creek is a 200 MW wind plant in Illinois, with construction expected to begin in the first half of 2019 and end in 2020. This future acquisition will be the first drop-down from Algonquin, the new strategic partner of Atlantica Yield.

The two assets combined are expected to generate a five-year average CAFD yield1 higher than 10%.

Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "is likely to," "may," "plan," "potential," "predict," "projected," "should" or "will" or the negative of such terms or other similar expressions or terminology.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements speak only as of the date of this press release and are not guarantees of future performance and are based on numerous assumptions. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements and include, but are not limited to: the ability to complete construction of any construction projects and transition them into financially successful operating projects; our ability to consummate and complete acquisitions; the potential to engage in and consummate future investments; fluctuations in supply, demand, prices and other conditions for our services; our power and water generation, projections thereof and factors affecting production including wind, sun and other conditions, other weather conditions, availability and curtailment; changes in law; CAFD Yield from acquisitions; and our ability to keep pace with and take advantage of new technologies. We do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events or circumstances.

Investors should read the section entitled "Item 3D. Key Information—Risk Factors" and the description of our segments and business sectors in the section entitled "Item 4B. Information on the Company—Business Overview", each in our annual report for the fiscal year ended December 31, 2017 filed on Form 20-F, for a more complete discussion of the factors that could affect us.

Important risks, uncertainties and other factors that could cause these differences include, but are not limited to: difficult conditions in the global economy and in the global market and uncertainties in emerging markets where we have international operations; changes in government regulations providing incentives and subsidies for renewable energy, decreases in government expenditure budgets, reductions in government subsidies or other adverse changes in laws and regulations affecting our businesses and growth plan, including reduction of our revenues in Spain, which are mainly defined by regulation through parameters that could be reviewed at the end of each regulatory period; our ability to acquire solar projects due to the potential increase of the cost of solar panels; political, social and macroeconomic risks relating to the United Kingdom’s exit from the European Union; changes in general economic, political, governmental and business conditions globally and in the countries in which we do business; challenges in achieving growth and making acquisitions due to our dividend policy; inability to identify and/or consummate future acquisitions, under the AAGES ROFO Agreement, the Abengoa ROFO Agreement or otherwise, from third parties or from potential new partners, including as a result of not being able to find acquisition opportunities on favorable terms or at all. Our ability to close acquisitions under our ROFO agreements with AAGES, Algonquin, Abengoa and others due to, among other things, not being offered assets that fit our portfolio, not reaching agreements on prices or, in the case of the Abengoa ROFO Agreement, the risk of Abengoa selling assets before they reach COD; our ability to identify and reach an agreement with new sponsors or partners similar to the ROFO agreements with AAGES, Algonquin or Abengoa; failure to close acquisitions recently announced; failure to meet our estimated returns and cash available for distribution estimations in acquisitions recently announced; failure of recently built assets to perform as expected, including acquisitions recently announced of assets which are currently under construction; legal challenges to regulations, subsidies and incentives that support renewable energy sources; extensive governmental regulation in a number of different jurisdictions, including stringent environmental regulation; increases in the cost of energy and gas, which could increase our operating costs; counterparty credit risk and failure of counterparties to our offtake agreements to fulfill their obligations; inability to enter into new offtaker agreements or replace expiring or terminated offtake agreements with similar agreements; new technology or changes in industry standards; inability to manage exposure to credit, interest rates, foreign currency exchange rates, supply and commodity price risks; reliance on third-party contractors and suppliers; risks associated with acquisitions and investments; deviations from our investment criteria for future acquisitions and investments; failure to maintain safe work environments; effects of catastrophes, natural disasters, adverse weather conditions, climate change, unexpected geological or other physical conditions, criminal or terrorist acts or cyber-attacks at one or more of our plants; insufficient insurance coverage and increases in insurance cost; litigation and other legal proceedings, including claims due to Abengoa’s restructuring process; reputational risk, including potential damage caused to us by Abengoa’s reputation; the loss of one or more of our executive officers; failure of information technology on which we rely to run our business; revocation or termination of our concession agreements or power purchase agreements; lowering of revenues in Spain that are mainly defined by regulation; risk that the 16.5% Share Sale will not be completed; inability to adjust regulated tariffs or fixed-rate arrangements as a result of fluctuations in prices of raw materials, exchange rates, labor and subcontractor costs; exposure to electricity market conditions which can impact revenue from our renewable energy; changes to national and international law and policies that support renewable energy resources; lack of electric transmission capacity and potential upgrade costs to the electric transmission grid; disruptions in our operations as a result of our not owning the land on which our assets are located; risks associated with maintenance, expansion and refurbishment of electric generation facilities; failure of our assets to perform as expected, including Solana and Kaxu; failure to receive dividends from all project and investments, including Solana and Kaxu; failure or delay to reach the “flip-date” by Liberty Interactive Corporation in its tax equity investment in Solana; variations in meteorological conditions; disruption of the fuel supplies necessary to generate power at our efficient natural gas power generation facilities; deterioration in Abengoa’s financial condition or negative impact potentially caused by Abengoa’s financial plan announced on September 30, 2018; Abengoa’s ability to meet its obligations under our agreements with Abengoa, to comply with past representations, commitments and potential liabilities linked to the time when Abengoa owned the assets, potential clawback of transactions with Abengoa, and other risks related to Abengoa; failure to meet certain covenants or payment obligations under our financing arrangements; failure to obtain pending waivers in relation to the minimum ownership by Abengoa and the cross-default provisions contained in some of our project financing agreements; failure of Abengoa to maintain existing guarantees and letters of credit under the Financial Support Agreement or failure by us to maintain guarantees; failure of Abengoa to maintain its obligations and production guarantees, pursuant to EPC contracts; changes in our tax position and greater than expected tax liability, including in Spain; conflicts of interest which may be resolved in a manner that is not in our best interests or the best interests of our minority shareholders, potentially caused by our ownership structure and certain service agreements in place with our current largest shareholder; the divergence of interest between us and Abengoa, due to Abengoa’s sale of our shares; potential negative tax implications from being deemed to undergo an “ownership change” under section 382 of the Internal Revenue Code, including limitations on our ability to use U.S. NOLs to offset future income tax liability; negative implications from a potential change of control; negative implications of U.S. federal income tax reform; technical failure, design errors or faulty operation of our assets not covered by guarantees or insurance; failure to collect insurance proceeds in the expected amounts; and various other factors, including those factors discussed under “Item 3.D—Risk Factors” and “Item 5.A—Operating Results” in our Annual Report for the fiscal year ended December 31, 2017 filed on Form 20-F.

Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations. These factors should be considered in connection with information regarding risks and uncertainties that may affect our future results included in our filings with the U.S. Securities and Exchange Commission at www.sec.gov. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or developments or otherwise. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted.

The CAFD yield and other guidance included in this press release are estimates as of March 7, 2018. These estimates are based on assumptions believed to be reasonable as of that date, when Atlantica Yield published its FY 2017 Financial Results. Atlantica Yield plc. disclaims any current intention to update such guidance, except as required by law. 

Non-GAAP Financial Measures

We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB and should not be considered as alternatives to operating profit or profit for the year or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities.

We define Cash Available For Distribution as cash distributions received by the Company from its subsidiaries minus all cash expenses of the Company, including debt service and general and administrative expenses. Management believes cash available for distribution is a relevant supplemental measure of the Company’s ability to earn and distribute cash returns to investors.

We believe Cash Available For Distribution is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, cash available for distribution is used by our management team for determining future acquisitions and managing our growth.

About Atlantica Yield

Atlantica Yield plc is a total return company that owns a diversified portfolio of contracted renewable energy, efficient natural gas, electric transmission and water assets in North & South America, and certain markets in EMEA (www.atlanticayield.com). 

Chief Financial Officer

Francisco Martinez-Davis

E  This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations & Communication

Leire Perez

E  This email address is being protected from spambots. You need JavaScript enabled to view it.

T  +44 20 3499 0465 


1 For the purposes of the announced transaction, CAFD yield is the annual weighted average Cash Available For Distribution expected to be generated by the investments over their first five-year period from 2019, or from COD for the asset which is not yet in operation, divided by the expected acquisition price.

Read more: Atlantica Yield Acquires a New Wind Plant

| Source: Savosolar Plc

multilang-release

Savosolar Plc
Company Announcement                  12 December 2018 at 6.20 p.m. (CET)

Approximately 3.0 per cent of the warrants in Savosolar Plc's Warrant Plan 1-2018 were used for subscription of shares

The share subscription period based on Savosolar Plc's warrants 1-2018 ended on 10 December 2018. Based on the warrants, 3,303,950 new shares were subscribed for and the company received approximately EUR 66,079 new capital before issue costs. Approximately 3.0 per cent of the warrants were used for subscription of shares.

The warrants which were not used for subscription of shares have lost their value and will be removed from warrant holders' securities accounts.

For more information:

Savosolar Plc
Managing Director: Jari Varjotie
Phone: +358 400 419 734
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Savosolar Plc discloses the information provided herein pursuant to the Market Abuse Regulation ((EU) No 596/2014, "MAR"). The information was submitted for publication by the aforementioned person on 12 December 2018 at 6.20 p.m. (CET).

About Savosolar

Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company's collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar's vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems - market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savosolar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.

The company's Certified Adviser is Augment Partners AB, phone: +46 8-505 65 172.

Read more: Approx. 3.0 per cent of the warrants in...

| Source: Savosolar Plc

multilang-release

Savosolar Plc
Company Announcement:    19 December at 8.00 a.m. (CET)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN PART, DIRECTLY OR INDIRECTLY, IN THE USA, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL.

Savosolar announces plan to arrange a rights issue of approximately 5.3 MEUR

The Board of Directors of Savosolar Plc ("Savosolar" or the "Company") has decided to arrange a partially underwritten rights issue totalling approximately EUR 5.3 million (the "Offering") with additional warrants enabling the Company to raise up to a maximum of approximately EUR 3.5 million (the "Warrants"), under the condition that the Extraordinary General Meeting to be summoned today gives authorisation to the Board of Directors to resolve on the Offering and the issuance of Warrants. The Offering is expected to consist of a maximum of 1,057,615,242 new shares (the "Offer Shares"). In addition, maximum of 352,538,414 new shares could be subscribed based on the Warrants.

Summary

  • Approximately EUR 5.3 million before transaction costs is expected to be raised in the Offering if fully subscribed. The contribution from full subscription and utilisation of all issued Warrants will amount to at least EUR 1.7 million and at most EUR 3.5 million.
  • The Offering is secured to 80 per cent by subscription commitments and external underwriters. All members of the Company's Board of Directors and the Company's CEO have entered into subscription commitments in the Offering.
  • Savosolar is planning to give all its shareholders registered in Savosolar's shareholder register maintained by Euroclear Finland Ltd ("Euroclear Finland") or Euroclear Sweden AB ("Euroclear Sweden") one (1) book-entry subscription right (the "Subscription Right") for every one (1) share held on the Offering record date. One (1) Subscription Right entitles the holder to subscribe for three (3) Offer Shares. In addition, Savosolar intend to offer each subscriber of the Offer Shares one (1) Warrant free of charge for every three (3) Offer Shares subscribed and paid for in the Offering.
  • The record date for the Offering is planned to be 19 February 2019 with the last day of trading including the Subscription Rights on 15 February 2019 and the first day of trading excluding the Subscription Rights on 18 February 2019.
  • The subscription price is expected to be 0.005 EUR per Offer Share. The subscription period for the Offer Shares (the "Subscription Period") is expected to commence on 22 February 2019 at 09:30 Finnish time (08:30 Swedish time), and it is expected to end on 12 March 2019 at 16:30 Finnish time (15:30 Swedish time) in Finland and on 8 March 2019 in Sweden at 16:30 Finnish time (15:30 Swedish time).
  • The subscription price for the shares that can be subscribed based on the Warrants will be defined based on the 10 days volume weighted average price of the Company's shares on First North Finland between 2 March and 13 March 2020 with a 30 per cent discount. However, the subscription price shall not be less than 0.005 EUR per share nor higher than 0.010 EUR per share.
  • Each Warrant is expected to give the right to subscribe for one (1) new share during the period 16 March 2020 - 27 March 2020.
  • The Company has today entered into an agreement regarding a bridge financing of approximately EUR 0.8 million. The bridge financing shall be repaid in full after the Offering with interest amounting to 2.5 per cent per each beginning 30-day period.
  • Net proceeds from the Offering will secure the Company's working capital needs and provide financial capacity to ensure delivery on orders and projects in 2019.


Reasons for the Offering and use of proceeds

After an increased market activity in 2017, the positive development has continued in 2018. Solar heating will generate over 1 TWh (= 1 billion kilowatt hours) globally for the first time this year and according to market estimates, the solar district heating capacity is expected to increase to 240 TWh by 2050. Furthermore, international institutions and governments continue to incentivise corporate use of environmental-friendly energy solutions through support schemes, taxation and subsidies resulting in overall higher interest from a varied range of customers.

In turn, Savosolar has experienced strong sales growth with revenues totaling EUR 1.33 million in H1 2018, resulting in a 117 per cent increase compared to the corresponding period in 2017. Moreover, the Company entered into order agreements totaling EUR 6.4 million during 2018. Whilst Savosolar is well-positioned in terms of production capacity, new orders and overall higher demand, the Company requires additional working capital and financial capacity to execute on projects to be delivered in 2019. Considering the Company's position with large orders to be completed in 2019 the Company plans to carry out a capital raise.

Savosolar intends to use net proceeds from the Offering for the following:

  • Working capital required to deliver signed and upcoming orders for 2019 (including the repayment of capital and interest of the bridge loan financing of approximately EUR 0.8 million.)
  • Continue the path of operational improvements and to match profitability targets and build capability to meet a growing demand.

Terms of the Offering

The Board of Directors of the Company is planning to offer up to 1,057,615,242 new shares and additional warrants amounting to 352,538,414 for subscription in accordance with the shareholders' preferential subscription rights, under the condition that the Extraordinary General Meeting to be summoned gives authority to the Board of Directors to resolve on the Offering and the issuance of Warrants. The main terms for the Offering are presented below:

  • All shareholders registered in Savosolar's shareholder register maintained by Euroclear Finland or Euroclear Sweden are planned to be given one (1) book-entry Subscription Right for every one (1) share held in the Company on the Offering record date, which is planned to be 19 February 2019. Each one (1) Subscription Right will entitle their holder to subscribe for three (3) Offer Shares.
  • The Subscription Rights are planned to be registered in the shareholders' book-entry accounts in the book-entry system maintained by Euroclear Finland and Euroclear Sweden approximately on 22 February 2019.
  • The Subscription Rights are planned to be freely assigned and expected to be traded on First North Finland and First North Sweden between 22 February 2019 and 6 March 2019.
  • After the subscription, temporary shares corresponding to the Offer Shares subscribed for based on the Subscription Rights (the "Temporary Shares") will be entered into the subscriber's book-entry account.
  • The Offer Shares will be entered into the subscriber's book-entry account once they have been entered into the Trade Register, approximately during week 13, 2019.
  • Trading in the Temporary Shares is planned commence on First North Finland and on First North Sweden as their own special share class approximately on 22 February 2019.
  • The Temporary Shares will be combined with the Company's current shares after the Offer Shares have been registered in to the Trade Register.

Subscription Commitments and Underwriters

The size of the contemplated Offering will be approximately EUR 5.3 million. The Offering has been secured to 80 percent through subscription commitments and underwriters. All members of the Company's Board of Directors and the Company's CEO have entered into subscription commitments in the Offering. External underwriters are entitled to receive their underwriting compensation either in cash amounting to ten (10) per cent of underwritten amount, or the equivalence of twelve (12) per cent of the underwritten amount in new shares by setting off the underwriting compensation against the subscription price in a directed issue to be arranged if needed after the Offering.

Indicative Timetable

15 February 2019 Resolution regarding the Offering by the Board of Directors
15 February 2019 The prospectus is published
15 February 2019 Last day of trading including the Subscription Rights
18 February 2019 First day of trading excluding the Subscription Rights
19 February 2019 Record date for the Offering
22 February - 6 March 2019 Trading period of Subscription Rights
22 February 2019 Trading starts in Intermediary Shares (BTA)
22 February - 8 March 2019 The Subscription Period for the Offering in Sweden
22 February - 12 March 2019 The Subscription Period for the Offering in Finland
14 March 2019 Announcement of the outcome of the Offering
25 March 2019 Last day of trading in the Temporary Shares on First North Finland
25 March 2019 Last day of trading in the Temporary Shares on First North Sweden

Advisers

Mangold Fondkommission AB is acting as financial advisor to the Company in the Offering. Smartius Oy is acting as the legal adviser to the Company on aspects of the Offering related to the Finnish law.

For more information:

Savosolar Plc
Managing Director, Jari Varjotie
Phone: +358 400 419 734
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

This company announcement contains information that Savosolar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 19 December 2018 at 8.00 a.m. (CET).

Savosolar in brief

Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company's collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar's vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems - market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savosolar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. For more information: www.savosolar.com.

The company's Certified Adviser is Augment Partners AB, phone: +46 8-505 65 172.

IMPORTANT NOTICE

This release or the information contained therein shall not be distributed, directly or indirectly, in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or the United States. The information contained in this release do not constitute an offer of, or invitation to purchase any securities in any area, where offering, procurement of or selling such securities would be unlawful prior to registration or exemption from registration or any other approval required by the securities regulation in such area. This release is not an offer for sale of securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended, and the rules and regulations issued by virtue of it. Savosolar has not registered, and does not intend to register, any offering of securities in the United States. No actions have been taken to register the shares or the offering anywhere else than in Finland and Sweden.

The information contained herein shall not constitute an offer of, or invitation to purchase any securities in any jurisdiction. This release is not a prospectus and does not constitute any offer, invitation or investment advice to subscribe for or purchase securities. Investors should not subscribe for or purchase any securities or make any investment decisions referred to herein except on the basis of information contained in a prospectus issued by Savosolar.

Read more: Savosolar announces plan to arrange a rights...

| Source: Scatec Solar ASA

Oslo, 14 December 2018: Scatec Solar ASA and partners have reached financial close for the 47 MW Rengy project in the Mykolaiv region in the south of Ukraine with a total investment of EUR 52 million.

The European Bank for Reconstruction and Development (EBRD) and the Black Sea Trade and Development Bank (BSTDB) have signed credit agreements of 50% each of the non-recourse debt financing of the project. The credit facilities amount to EUR 36 million and covers 70% of the total project costs.

Scatec Solar owns 51% of the project and Rengy Development Group holds the balance. Scatec Solar will be the Engineering, Procurement and Construction (EPC) provider and provide Operation & Maintenance as well as Asset Management services to the power plant. Construction is starting imminently with commercial operation during 2019.

The project will be realized under the country's 10-year Feed-in-Tariff scheme and are expected to produce about 58 GWh per year. Public land will be leased for an extended time-period and the plants are expected to deliver power also beyond the Feed-in-tariff period.

Rengy Development is one of the largest developers and independent solar power producers in Ukraine. It was established in 2009 and has to date developed, built and commissioned a 70 MW portfolio of solar power plants in Ukraine.

For further information, please contact:

Mikkel Tørud, CFO                  tel: +47 976 99 144           This email address is being protected from spambots. You need JavaScript enabled to view it.  

Ingrid Aarsnes, Communication & IR  tel: +47 950 38 364      This email address is being protected from spambots. You need JavaScript enabled to view it.     

About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long- term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants and has an installation track record of more than 1 GW. The company has a total of 1.4 GW in operation and under construction in Brazil, the Czech Republic, Egypt, Honduras, Jordan, Malaysia, Mozambique, Rwanda and South Africa

With an established global presence and a significant project pipeline, the company is targeting a capacity of 3.5 GW in operation and under construction by end of 2021. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol 'SSO'. To learn more, visit www.scatecsolar.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Read more: Scatec Solar reaches financial close for its...

| Source: Albioma

multilang-release

Press release

Paris La Défense, 12 December 2018

Albioma announces the acquisition of 100% of Eneco France, an innovative solar power specialist

Albioma, the leader in the solar power market in Overseas France, today strengthened its presence in metropolitan France with the acquisition of Eneco France.

Eneco France, which was established in 2008 and has an innovative positioning in power generation for onsite consumption, develops, builds and operates photovoltaic power plants on rooftops and agricultural buildings, serving a clientele of private and industrial customers in southern France. The Group owns a photovoltaic fleet with an installed capacity of 17 MW, as well as a strong portfolio of projects under development. Eneco France also operates a 0.5 MW hydropower plant.[1]

This acquisition represents an opportunity for Albioma to enhance its positioning and step up its expansion in the solar power market in metropolitan France, supplementing the Group's existing 8 MW installed capacity. Albioma intends to develop innovative solar power projects, with a target of generating 80% of its energy from renewable sources by 2023.

Frédéric Moyne, Albioma's Chief Executive Officer, notes: "Eneco France and Albioma are recognised players in solar power development, playing an active role in the energy transition to which France has committed. The specialist skills of Eneco France's expert personnel in southern France will enable Albioma to strengthen its position in the region. We are very proud to welcome Eneco France's staff on board. This strategic deal underscores the importance given to solar power in Albioma's energy mix."

Kees Jan Rameau, Chief Strategic Growth Officer of Eneco says: "We are very pleased with Albioma as a buyer, because of its sustainable profile, reliable track record, and its ability to further strengthen our former activities in Southern France. We believe Albioma will offer a good working environment with interesting growth opportunities for our employees, whom we thank for their great efforts over the past years. We wish them and Albioma a great future".

Next on the agenda: annual results for the 2018 financial year, on 8 March 2019 (before trading).

About Albioma Contacts
An independent renewable energy producer, Albioma is committed to the energy transition thanks to biomass and photovoltaics.

The Group, which is established in Overseas France, Mauritius and Brazil, has developed a unique partnership for 20 years with the sugar industry, to produce renewable energy from bagasse, a fibrous residue from sugar cane.

Albioma is also the leading generator of photovoltaic power overseas where it constructs and operates innovative projects with integrated storage capabilities.

Investor
Julien Gauthier
+33 (0)1 47 76 67 00

Media
Charlotte Neuvy
+33 (0)1 47 76 66 65
This email address is being protected from spambots. You need JavaScript enabled to view it.

   
Albioma shares are listed on NYSE EURONEXT PARIS (sub B) and eligible for the deferred settlement service (SRD) and PEA-PME plans (ISIN FR0000060402 - ticker: ABIO). www.albioma.com

 

[1] Assets partially or fully owned by Eneco.

Read more: ALBIOMA : Albioma announces the acquisition of...

Abstract

In 2016 the Government of Egypt (GoE) has embarked on an ambitious and much needed transition towards a better economic policy. While the macroeconomic stability and market confidence have been largely restored, the overall fiscal situation remains challenging... See More + In 2016 the Government of Egypt (GoE) has embarked on an ambitious and much needed transition towards a better economic policy. While the macroeconomic stability and market confidence have been largely restored, the overall fiscal situation remains challenging. With limited fiscal space, solely relying on public resources to fund infrastructure investments, will no longer be a viable strategy to meet the country's needs. Building on the success of attracting private investment in renewables and natural gas sector, there is significant potential for replicating the success across other infrastructure sectors. Egypt has recognized that in order to raise competitiveness, increase investments in human capital, and sustain the benefits of the homegrown reform; it will need to continuously shift its development model towards creating an enabling environment for the private sector to invest more, export more and generate more jobs. Starting with Energy, Transport, Water and Sanitation and Agriculture, this report highlights the tremendous potential and opportunities available in each of these sectors. Additionally, it also presents a roadmap for sectoral transformation, whilst highlighting the cross-cutting enabling and functional activities required to facilitate this transition.  See Less -

Document also available in : Arabic

Read more: Egypt Enabling Private Investment...

Abstract

This report explores options to scale up and accelerate the energy transition to cleaner electricity and district heating generation mixes and reconcile the government’s concerns over the serious local air pollution and commitments to combat climate change... See More + This report explores options to scale up and accelerate the energy transition to cleaner electricity and district heating generation mixes and reconcile the government’s concerns over the serious local air pollution and commitments to combat climate change. The report draws three main conclusions from the analyses and consultations carried out during the last six months: Despite impressive progress towards sustainability, Poland’s coal-dominated energy sector imposes heavy health costs on its population. A recent World Bank report estimated that the cost of ambient air pollution amounts to about USD 31-40 billion, equivalent to 6.4-8.3 percent of GDP in 2016. Moreover, deterioration of ambient air quality is responsible for a significant health burden with an estimated 44,500 premature deaths per year. The ambitious cleaner strategy to scale up renewable energy sources in the power and district heating generation mix is economically justified, if local and global environmental benefits are accounted for. Poland is moving in the right direction on energy transition with its envisioned targets on renewable energy, but achieving the more ambitious targets under the European Union Emission Trading Scheme requires intensified efforts to scale up and accelerate the penetration of clean energy. Active labor market policies can help mitigate employment impacts, which are expected to be negligible at national level and modest at local level given a dynamic economy and tight labor.  See Less -

Read more: Poland Energy Transition The Path...

Abstract

Electricity shortages are among the biggest barriers to South Asia’s development. Some 255 million people—more than a quarter of the world’s off-grid population—live in South Asia, and millions of households and firms that are connected experience frequent... See More + Electricity shortages are among the biggest barriers to South Asia’s development. Some 255 million people—more than a quarter of the world’s off-grid population—live in South Asia, and millions of households and firms that are connected experience frequent and long hours of blackouts. Inefficiencies originating in every link of the electricity supply chain contribute significantly to the power deficit. Three types of distortions lead to most of the inefficiencies: institutional distortions caused by state ownership and weak governance; regulatory distortions resulting from price regulation, subsidies, and cross-subsidies; and social distortions (externalities) causing excessive environmental and health damages from energy use. Using a common analytical framework and covering all stages of power supply, In the Dark identifies and estimates how policy-induced distortions have affected South Asian economies. The book introduces two innovations. First, it goes beyond fiscal costs, evaluating the impact of distortions from a welfare perspective by measuring the impact on consumer wellbeing, producer surplus, and environmental costs. And second, the book adopts a broader definition of the sector that covers the entire power supply chain, including upstream fuel supply and downstream access and reliability. The book finds that the full cost of distortions in the power sector is far greater than previously estimated based on fiscal cost alone: The estimated total economic cost is 4–7 percent of the gross domestic product in Bangladesh, India, and Pakistan. Some of the largest costs are upstream and downstream. Few other reforms could quickly yield the huge economic gains that power sector reform would produce. By expanding access to electricity and improving the quality of supply, power sector reform would also directly benefit poor households. The highest payoffs are likely to come from institutional reforms, expansion of reliable access, and the appropriate pricing of carbon and local air pollution emissions.  See Less -

Read more: In the Dark How Much Do Power...

Complete Report in English

Official version of document (may contain signatures, etc)

  • Official PDF , 36 pages 1.63 mb
  • (All language versions and volumes across World Bank Repositories)

  • TXT *

*The text version is uncorrected OCR text and is included solely to benefit users with slow connectivity.

**Download statistics measured since January 1st, 2014

Read more: The Potential for Climate Auctions...

| Source: Consolidated Edison, Inc.

photo-release

Copper Mountain Solar facility, Nevada
Copper Mountain Solar facility, Nevada

Copper Mountain Solar facility, Nevada

Con Edison, Inc.

NEW YORK, Dec. 13, 2018 (GLOBE NEWSWIRE) -- Consolidated Edison, Inc. (NYSE: ED) (“Con Edison”) announced today that its subsidiary has completed its previously announced purchase of a Sempra Energy subsidiary that owns 980 megawatts (MW) AC of operating renewable electric production projects and certain development rights for additional solar electric production and energy storage projects. The $1.6 billion acquisition brings the Con Edison Clean Energy Businesses portfolio of renewable assets to 2,600 MW AC in 17 states. The acquisition makes Con Edison the second largest solar energy producer in North America.

The announcement coincided with Con Edison’s release of its 2017-2018 Sustainability Report, https://bit.ly/2BcIVLV.   

Among other highlights in the report, the company announced it has reduced its carbon footprint nearly in half since 2005, eliminating 2.52 million tons of carbon emissions, the equivalent of taking half a million cars off the road. The company’s energy efficiency program initiated in 2009 also has helped 600,000 customers with upgrades preventing more than 1.4 million tons of carbon emissions, equal to sidelining another 300,000 cars.

“Our acquisition of these renewable energy assets builds on a strong record of environmental commitment, and our determination to be national leaders in clean energy initiatives,” said John McAvoy, Con Edison’s chairman and CEO. “Over the next three years, we will double the gas energy efficiency levels we offer customers and reduce overall usage during peak periods, while supporting the city and state’s climate and clean energy goals.

“We expect to invest $9.5 billion on our energy systems during this period to improve safety, maintain reliability, and reduce risk,” McAvoy added. “Our core energy systems remain the backbone of our operations, and will continue to serve as the platform for incorporating new renewable technologies.”

Included in the 980 MW AC purchase are a 379 MW share of projects that Sempra owned jointly with Con Edison Clean Energy Businesses.

“Sempra has been an excellent operating partner and they demonstrated the same high level of professionalism throughout this transaction,” said Mark Noyes, the president and CEO of Con Edison Clean Energy Businesses. “The significance of the purchase is twofold for us. It increases our renewable energy production, enhancing our status as a market leader, and does so with assets close to where we operate other facilities, providing us with operating synergies.  Our combined solar and wind energy portfolio avoids 5.4 million tons of carbon dioxide emissions, on par with ushering 1.2 million cars to the curb.”

A slide presentation regarding the acquisition is available at www.conedison.com
(Select “For Investors,” “Press Releases,” and “3rd Quarter 2018 Earnings Release and Clean Energy Businesses Update Presentation”).

The company’s Sustainability Report also notes that:

  • Smart meters are improving control of voltage levels, improving energy efficiency and saving customers money, while also facilitating customer convenience with remote service turn-ons and automatic detection of outages.
  • The company joined 40 other companies as a founding partner in the EPA’s Natural Gas Star Methane Challenge with the aim of reducing methane emissions. R&D teams are using technologies that identify and estimate emissions from non-hazardous gas leaks to find and repair the non-hazardous leaks with the highest emission levels. (Hazardous leaks are repaired immediately.)
  • Collaboration with other energy companies and the Department of Homeland Security (DHS) are enhancing cybersecurity efforts to protect against intrusions.
  • R&D teams have deployed remote technologies, including sensors and robots, to inspect and/or repair transmission and distribution equipment as well as steam boilers.
  • Con Edison has invested over $5.2 million in electric vehicle charging infrastructure in its utility fleet and is offering incentives for customers who purchase electric vehicles.
  • Edison Electric Institute’s Environmental, Social and Governance Qualitative Template, which Con Edison is now utilizing with this report, is providing an industry standard for company reporting of comparative data on environmental, social and governance metrics.

Consolidated Edison Development, Inc. is a wholly-owned subsidiary of Con Edison Clean Energy Businesses, Inc. that acquires, develops, builds and operates wind and solar electric generation facilities across the U.S. The portfolio includes renewable energy, as well as energy storage assets. Con Edison Development’s wind and solar assets now total approximately 2,600 MW AC across 17 states. The power produced by these projects is primarily sold through long-term contracts to utilities, electric cooperatives, municipalities, and commercial and industrial customers.

Con Edison Clean Energy Businesses, Inc. is a wholly-owned subsidiary of Consolidated Edison, Inc. Con Edison Clean Energy Businesses, Inc., through its three main subsidiaries, develops, owns, and operates renewable and energy infrastructure assets and provides energy-related products and services to wholesale and retail customers.

Consolidated Edison, Inc. is one of the nation's largest investor-owned energy-delivery companies, with approximately $12 billion in annual revenues and $50 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas and steam service in New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,300-square-mile-area in southeastern New York State and northern New Jersey; Con Edison Clean Energy Businesses, Inc., which through its three main subsidiaries develops, owns and operates renewable and energy infrastructure projects and provides energy-related products and services to wholesale and retail customers; and Con Edison Transmission, Inc., which through its subsidiaries invests in electric and natural gas transmission projects.

CONNECT WITH US:
Facebook: https://www.facebook.com/ConEdison
Twitter: https://twitter.com/conedison
YouTube: http://www.youtube.com/conedisonny

Contact: Media Relations
                212-460-4111

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/a5a2a79e-a48b-42d5-ba0c-13d1883b07a1

Read more: Con Edison Now # 2 Solar Energy Producer in...

| Source: Avista Corporation

SPOKANE, Wash., Dec. 11, 2018 (GLOBE NEWSWIRE) -- Official commissioning of the Adams Nielson solar array located in Lind, WA occurred today. The 28 Megawatt DC array is comprised of 81,700 panels that span 200 acres and generates enough electricity to supply the equivalent of approximately 4,000 homes annually.

“Avista’s interest in the development of Solar Select, a voluntary commercial solar program, is consistent with the Company’s ongoing commitment to provide customers with renewable energy choices at reasonable cost,” said Dennis Vermillion, president, Avista Corporation. “In recent years, an increasing number of Avista customers have expressed their expectations and challenges in acquiring renewable energy. Avista is pleased to lead this effort and develop renewable energy products that meet our customers’ needs today and into the future.” This interest is being generated by a mix of local and national customers across a variety of industries, including Huckleberry’s, Gonzaga University, Community Colleges of Spokane, Hotstart, Central Pre-Mix Concrete, a CRH Co., independently owned McDonald's franchise locations, Spokane City, Main Market and Community Building and VA Medical Center.

Jim Simon, director of sustainability at Gonzaga University said, “The Solar Select program helps Gonzaga University move even closer to achieving its goal of climate neutrality by 2050 by continuing to prioritize renewables in our energy portfolio. We are grateful for Avista’s leadership in this project and look forward to other opportunities to reduce our greenhouse gas emissions.”

Spokane Mayor David Condon said, “The City of Spokane is pleased to partner with Avista through the Solar Select Program, as we continue to seek out opportunities that are both environmentally and financially responsible. The City already is a net producer of energy, generating more clean, green energy than our use of electricity, natural gas, and fuel. We are excited to add even more clean energy to power City Hall.”

The Solar Select program created a cost-effective structure to bring solar energy to large business customers in Eastern Washington, allowing them to advance their desired sustainability goals. The array is projected to deliver the environmental benefit equivalent of more than 7,300 cars removed from the road each year. This renewable energy program was made possible through a collaboration of Avista, Strata Solar, the Washington Utilities and Transportation Commission, and the WSU Energy Program.  

About Avista Utilities
Avista Utilities is involved in the production, transmission and distribution of energy. We provide energy services and electricity to 375,000 customers and natural gas to 336,000 customers in a service territory that covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.6 million.  Avista Utilities is an operating division of Avista Corp. (NYSE: AVA). For more information, please visit www.avistautilities.com.

The Avista logo is a trademark of Avista Corporation. SOURCE: Avista Corporation

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Contact:                                                                    
Media: Mary Tyrie (509) 495-4470 This email address is being protected from spambots. You need JavaScript enabled to view it.  
Avista 24/7 Media Access (509) 495-4174   

Spokane, Washington, UNITED STATES

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