Natcore negotiating contract for 20-MW solar project in Ghana

PSECC Solar Farms Ltd plans to license Natcore (CVE:NXT) technology in Ghana, where it develops a 20-MW solar project and plans two more of the same size.

Alan Brewer, CEO and director of PSECC, said in a statement he believes that Natcore’s technology will help increase revenues generated by the plant by at least 10% and thus make the project financially viable again after the 29% reduction in local feed-in tariffs (FiTs). The newly-appointed government of Ghana said recently that new power purchase agreements (PPAs) can have a maximum FiT of USD 0.10 per kWh instead of USD 0.137/kWh.

Commenting on the partnership between the two companies, Natcore Technology’s president and CEO Chuck Provini stated that the fee for such a license agreement will approximate USD 2.5 million (EUR 2.1m). “Although we haven't finalized negotiations, we're able to make a projection based on the savings anticipated by using our technology," he said.

PSECC won a provisional licence for the 20-MW solar scheme at Simbrofo in December 2016. The company has secured a financing commitment for the USD-28.8-million project from a Polish bank via the European Central Bank.

The announcement of the negotiations comes after last month the two firms said they have entered into a memorandum of understanding for PSECC to engage Natcore to develop solar projects in the US.

(USD 1.0 = EUR 0.853)

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