Regulatory Filings • Sep 23, 2019
Regulatory Filings
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Genoa, 23rd September 2019
Renergetica S.p.A. (REN:IM), a company listed on the Italian stock exchange, announces the signature of a non-binding Letter of Intent with the Canadian company Sandspring Resources LTD (TSX.V:SSP) ("Sandspring"), listed on the on Toronto stock exchange, for the development of a hybrid generation plant with a nominal power of 50 MW, to provide electricity to a mining site in English Guyana.
The hybrid generation plant, to be located in the district Cuyuni-Mazaruni, in the region of West Guyana, will serve the new gold deposit mining facility (a Measured and Indicated Resource of 7.5 Million ounces) of Toroparu, which is considered one of the largest deposits in South America.
The technical study carried out by Sandspring, foresees the construction of an opencast mine with a production capacity totaling 4.5 Million ounces over a mine life of 24 years.
The plant, serving the mine, will combine the generation from renewable and fossil sources with a battery system, with the aim to guarantee a reliable supply of electricity and a reduction of both costs and emissions reduction through the use of a control system developed and fully managed by Renergetica.
The agreement with Sandspring represents an important step for Renergetica Group, which will act also as a co-investor, managing - together with other partners - both the financing process and the building and management of the plant.
Sandspring Resources, besides being engaged in the development of Toroparu gold deposit, is evaluating the production of gold and silver from the historical mine of Guia Antigua, located in Segovia district, Colombia.
Regarding this project, the Chairman of the board of Renergetica, Mr. Davide Sommariva declared:" We are very satisfied about this first step which preludes to an operative agreement with Sandspring; the Toroparu Project, on one hand consolidates the presence of Renergetica on the off-grid systems market, as technical leader and investor and, on the other hand, allows us to enter into the large mines market, which I am sure will bring great results and satisfactions".
The off grid systems market, i.e independent systems not connected to a grid, is growing strongly worldwide thanks to the costs reduction and a good technological development: this growth has been estimated to reach 24.9 billion dollars of investments by the end of 2022, from the 9.9 billion dollars invested in 2016. (source: Banca Finnat Equity Company Note 25th October 2018)
This press release is available on www.renergetica.com/pressreleases.
RENERGETICA, established in 2008 in Genoa (Italy) and recognized as an Innovative SME since October 2016, operates in the field of renewable energies as Developer, IPP and engineering company, carrying out all the value chain activities, excluding for the EPC. Renergetica has a significant track-record in development and, more generally, in all types of plants for the production of renewable energy (with particular reference to PV plants, wind farms, minihydro plants). Renergetica currently operates in Italy, Chile, USA and Colombia. Renergetica has internally developed the Hybrid Grid Smart Controller (HGSC), an innovative control system for the optimization of the hybrid grids, characterized by high performances and reliability.
IRTop Consulting Investor & Media Relations
Floriana Vitale, Investor Relations Domenico Gentile, Media Relations Ph.: +39 02 4547 3883/4 [email protected] [email protected]
Avv. Monica Grosso Investor Relations
Mob. +39 342 6738787 [email protected] Integrae SIM NomAd
Via Meravigli, 13 - 20123 Milano (MI) Ph.: +39 02 87208720 [email protected]
Press Office Renergetica MartaElisa Varnier
Ph: +39 010 6422384 marta[email protected]
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