Pavilion Energy Resources, Inc. (PVRE) has announced that the company has secured a new renewable energy business opportunity on the US West Coast.
The company has signed a Letter of Intent to acquire up to a 30%
interest in two large proposed coastal wind power projects in the
Western Seaboard of the US from Zero Carbon Wind Energy Corp.
Consideration will be the issuance of 75 million restricted PVRE shares
and payment of 60% share of preliminary expenses. The California and
Oregon Coastal Clean Power projects are each for 10,000MW output. The
Company and partners plan to secure available US Government, 30% clean
energy capital grant and low-interest project loan guarantees to
finance up to 100% of the project construction costs. Potential
revenues of approximately US$ 2 billion per year would accrue to PVRE's
30% equity, when completed.
