ROCHESTER, N.Y., Aug. 15, 2017 /CNW/ -- PSECC Solar Farms Ltd,
a climate change mitigation company and developer of solar farms, has turned to Natcore Technology Inc. (TSX-V: NXT;
OTCQB: NTCXF ) to help restore financial viability to a 20 MW Ghanaian project that was threatened by a 29%
reduction in feed-in tariffs.
A feed-in tariff (FIT) is an economic policy created to promote active investment in and production of renewable energy
sources. Feed-in tariffs typically make use of long-term agreements and pricing tied to costs of production for renewable energy
producers. In practice, feed-in tariffs may be payments to ordinary energy users for the renewable electricity they generate.
The previous Ghanaian government had set the feed-in-tariff at about $0.137 per KWh, but the
government appointed late in December 2016 has recently said that the signing of new Power Purchase
Agreements (PPA) can have a maximum FIT payment no greater than $0.10 per KWh.
"The lower FIT payment meant I had to look for the best possible technology choice for solar panels," says Alan Brewer, CEO and Director of PSECC (www.pseccsolarfarms.com). "That's when I contacted Natcore, because the increase in power using their technology
meant that the revenues could be increased by 10% or more and the project could once again be financially viable."
PSECC had gained a Provisional License in December 2016 for the 20 MW solar farm at Simbrofo in
Ghana. Two additional 20 MW farms are planned for that venue. A commitment for financing the
projects has been obtained from a Polish bank via the European Central Bank. The estimated build cost of the first 20MW solar
farm at Simbrofo will be $28.776 million.
By licensing Natcore's technology in Ghana, PSECC would also gain exclusive access, on a
regional basis, to Natcore's newest advances, including laser-processed, back-contact foil cell technology, black silicon and
others as they come on line.
Last month, Natcore and PSECC signed a Memorandum of Understanding under which PSECC would engage Natcore to develop solar
projects within the United States.
"We estimate that the fee for a license agreement of this size will be about $2.5 million," says
Chuck Provini, Natcore President and CEO. Although we haven't finalized negotiations, we're able
to make a projection based on the savings anticipated by using our technology."
"From the beginning, our mantra has been 'raise the efficiency, lower the cost,'" says Provini. "Our new Natcore Foil Cell™
will do both. It has achieved an efficiency of 20.7% so far, which is already a relative 20% higher than most commercially
available solar cells, and it uses a revolutionary laser process with a novel metallization strategy, to create a high-efficiency
all-back-contact cell architecture at low cost. Importantly, it also eliminates the need for silver, one of the highest-cost
components of a conventional solar cell."
PSECC has formed Simbrofo Light Ghana Ltd, a special purpose vehicle to take this project forward.
This is the fifth project to be assigned to Natcore as a result of its Best-of-Breed program. Under that program, Natcore
functions as a consultant on the design and construction of solar cell/solar panel fabrication facilities and solar farms.
Natcore also serves as a general contractor, hiring subcontractors and vetting every component of the project, taking advantage
of their status and know-how to get the best available price, quality and efficiency. The company is in various stages of
development on projects in Belize, Australia, Vietnam and the United States.
About Natcore Technology
Natcore Technology is focused on using its proprietary nanotechnology discoveries to enable a variety of compelling
applications in the solar industry. Specifically, the company is advancing applications in laser processing and black silicon
solar cells to significantly lower the costs and improve the power output of solar cells. With 65 patents (31 granted and 34
pending), Natcore is on the leading edge of solar research. www.NatcoreSolar.com
Statements herein other than purely historical factual information, including statements relating to revenues or profits,
or Natcore's future plans and objectives, or expected sales, cash flows, and capital expenditures constitute forward-looking
statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties
inherent in Natcore's business, including risks inherent in the technology history. There can be no assurance that such
forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance
with applicable securities laws, Natcore expressly disclaims any obligation to update any forward-looking statements or
forward-looking statements that are incorporated by reference herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact: Chuck Provini
585-286-9180
Info@NatcoreSolar.com
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SOURCE Natcore Technology Inc.
View original content: http://www.newswire.ca/en/releases/archive/August2017/15/c6537.html