Global PoleTrusion Group Corp. Announces Power Purchase Agreement For Panama Biomass Project

Global PoleTrusion Group Corp. announces that its subsidiary, Los Santos Energy Corp., a Panamanian company that is 80 percent owned by GPGC, has signed a 10-year power purchase agreement (PPA) with Generación Solar for biomass energy in the province of Chiriquí situated on the west coast of Panama. This project will generate a new recurring revenue stream for GPGC, which will deliver long-term value to its shareholders.

Generación Solar provides solar energy to the Panamanian market. It requires a secondary source of power to ensure uninterrupted service for its customers. Biomass is an ideal source of energy as it makes good use of manufacturing waste products and is considered CO2 neutral because it only releases CO2 into the atmosphere that was recently absorbed by the plants being used as biomass.

In addition to the contribution of clean energy, we are proud to participate in this project, as it provides jobs and improvements to the economy of one of the most economically depressed regions in the country, said Daniel Hernández Rodríguez, CEO of Grupo Istmo Solar (www.istmosolar.com) which owns Generación Solar.

With an initial capacity of 5 megawatts (MW), the biomass power plant will use palm oil extraction residues (biomass) to generate electricity. Project AM, a Panama-based project management company, will oversee the construction and operation of the plant, which is expected to be operational within one year.

This project will hopefully be the first of many projects of this type to be developed by GPGC and Los Santos Energy Corp. in the region for its sustainability and contribution to the welfare and economy of local farmers, stated Einar Simons, President of Project AM.

The initial cost of the project is estimated at $13M USD; it is expected to provide gross annual revenues of $3.5M with operating expenses of $1.1M. GPGC is currently in the process of finalizing the financing for this project through Polaris Capital Power Inc. (www.polariscapitalpower.com).

We are excited to move forward with this project, to develop and provide an energy source that will have a positive impact for the local community we are serving, while benefiting our shareholders with recurring revenues, said Ramiro Guerrero, President and CEO of GPGC.