News Article
Four Rivers Announces Joint Venture With Noble Solar Industries
Joint venture partners to develop Solar Energy Projects in the UK
Four Rivers BioEnergy Inc. ("4Rivers") has announced that it has entered into a Memorandum of Understanding ("MOU") with Noble Solar Industries ("Noble"), as a joint venture partner, to exclusively develop solar energy projects in the UK.
Noble is one of the world's premier manufacturers of both monocrystalline and polycrystalline PV solar modules. Noble has manufacturing operations in China, as well as distributors in many European countries, India, Africa and the Middle East, and storage warehouses situated in the UK and Central Germany. They currently have the capacity to manufacture 350 MW of solar panels per year and are currently expanding their facilities to manufacture 700 MW of solar panels per year by 2012.
The MOU outlines a joint venture, whereby the partners will operate on a 50:50 basis for all UK projects. The first of these projects is planned for development in phases up to 10 MW at 4Rivers' 41 acre industrial site and adjacent land assets, located in Northumberland, North East England.
The joint venture partners, will utilise Noble's cutting edge technology, which as a first phase, will be installed inside 4Rivers' 41 acre site on undeveloped land, along with the roofs of existing buildings. In subsequent phases, the joint venture partners intend to develop part or potentially all of the approximately 100 acres of land adjacent to 4Rivers' 41 acre site (the majority of which is already zoned for industrial use). The export of renewable power to the grid will be facilitated by 4Rivers' existing sub-station infrastructure.
4Rivers and Noble will immediately commence a period of mutual due diligence, with their plan being to execute formal documentation and commence installation of the first phase of the project during the second quarter of 2011.
The joint venture partners will work closely with TradeLink Solutions Limited, the energy consultant recently appointed by 4Rivers, to establish the optimum commercial solutions for the project, in line with UK Regulations and renewable energy incentive schemes.
The joint venture partners are considering additional sites in the UK to develop solar energy projects, and as appropriate, 4Rivers will also independently consider opportunities to develop Integrated Waste-to-Energy plants at such sites.
4Rivers' Chief Executive Officer, Stephen Padgett, commented, "I am delighted to have reached this initial agreement with such a distinguished partner as Noble Solar Industries. This opportunity fits perfectly with our overall business strategy, by providing our company with the unique opportunity to integrate a more diverse revenue stream from renewable energy generation at our UK site, creating value from currently underutilised and undeveloped land assets."
"Noble Solar Industries is a recognised leader in the solar energy market and I believe will be a strong partner for 4Rivers as we look to maximise value from our existing assets and consider potential expansion of our operations in the UK," concluded Mr. Padgett.
