WorldWater & Solar Technologies Corp. (OTCBB:WWAT.OB), developer
and marketer of proprietary high-power solar systems, announced today
that the Company has received a Letter of Intent (LOI) from Ingenium
Energetica S.L. of Barcelona (Ingenium) to construct a 3 MW solar farm
in Aragon, Spain. The project is expected to be completed by mid-2008.
The LOI is subject to contractual negotiations as part of the new
regulations that are being established by the Spanish Government.
The new LOI is in addition to the 10 MW project previously
announced with M&G Promociones de Vivienda Urbana S.A. of Madrid as
the first segment of plans to build 130 MW over 5 years. Both the 3 MW
and 10 MW projects are planned for construction in 2008. Ingenium is a
major construction firm focusing on civil, building and infrastructure
work. Additional projects in Spain are currently also in discussion
with Ingenium and other developers by WWAT and Prime Solar Senergy,
the Company´s representative in Spain.
Quentin T. Kelly, Chairman and CEO of WorldWater & Solar
Technologies stated, "The Spanish market is climbing fast, having
jumped 100% in 2007 and headed even higher in 2008. The pressure is on
to complete solar projects by September 29, 2008 in order to receive
the current feed-in tariff of 44 Euro cents per kilowatt hour. After
September, the Spanish Government is planning a lower feed-in tariff,
still very attractive at an estimated 31 Euro cents, but firms holding
current licenses can realize the maximum by completing projects before
the September date -- and we have the engineering teams in Spain to
construct these projects."
The Company will use single-action tracking flat plate technology
for the 3 MW Ingenium project but is planning to use the ENTECH 20X
concentrator PV technology (CPV) on certain of its projects when its
50 MW production plant in Texas, now in early construction, and a
planned assembly operation in Spain begin delivering product in
volume, which is expected in April, 2008. ENTECH´s CPV technology is
anticipated to be particularly efficient and cost effective in
Southern Spain, with turnkey per-watt pricing estimated to be among
the lowest in the world.
"We are very pleased to be able to partner with WorldWater & Solar
Technologies on this important venture," says Pedro Maqueda Suner, COO
and Chief Engineer of Ingenium. "This solar farm will be our first,
although we are very experienced in large construction and public
works projects, so it is good to have WorldWater, with its extensive
experience as a major solar integrator and developer, as our
implementer."
The Spanish Government has set an official goal to install 400 MW
by 2010 but its Department of Industry has proposed to the National
Energy Commission to raise the goal to 1200 MW.
About WorldWater & Solar Technologies Corp.:
WorldWater & Solar Technologies Corporation is a full-service,
international solar electric engineering and water management company
with unique, high-powered and patented solar technology that can not
only generate and distribute electricity, but can drive 1000
horsepower motors and pumps from sunshine independently or in
conjunction with the electric grid, providing solutions to a broad
spectrum of the world´s electricity and water supply problems. For
more information about WorldWater & Solar Technologies Corp., visit
the website at www.worldwater.com.
About Ingenium Energetica S.L.:
Ingenium Energetica S.L. is a leader in construction in Spain,
concentrating on civil work, building and infrastructure services and
franchises. Its projects include the building of roads and highways,
buildings, urbanizations, hydraulic works, installations and services
all over the country.
Forward Looking Statements:
Except for historical information contained herein, this document
contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements involve
known and unknown risks and uncertainties that may cause the Company´s
actual results or outcomes to be materially different from those
anticipated and discussed herein. Further, the Company operates in
industries where securities values may be volatile and may be
influenced by regulatory and other factors beyond the Company´s
control. Other important factors that the Company believes might cause
such differences are discussed in the risk factors detailed in the
Company´s 10-KSB and its quarterly reports on Form 10-QSB both as
filed with the Securities and Exchange Commission, which include the
Company´s cash flow difficulties, dependence on significant customers,
and rapid development of technology, among other risks. In assessing
forward-looking statements contained herein, readers are urged to
carefully read all cautionary statements contained in the Company´s
filings with the Securities and Exchange Commission.
