JUPITER, Fla., Oct. 25, 2011 (GLOBE NEWSWIRE) -- Hydro Alternative Energy, Inc. ("HAE" or the "Company"), an emerging independent power provider ("IPP"), announced today that it has recently entered into an agreement ("Agreement") with the Ministry of Electricity and Renewable Energy of the Republic of Ecuador (MEER -http://www.meer.gob.ec/) to identify and develop projects for hydrokinetic energy generation for up to 500 MW in the Republic of Ecuador for interconnection with the Ecuadorian national power transmission system (grid).
According to the Executive Decree No. 475 of July 23, 2007, the Ministry of Electricity and Renewable Energy is in charge of any and all matters related to electricity and renewables on behalf of the State of Ecuador. The Constitution of the Republic of Ecuador says that the fiscal policy of the Government must create incentives for investments in different sectors of the economy, and that the State is responsible for the provision of the electricity service maintaining the quality and availability in high levels. It is a policy of the Ecuadorian Government to promote energy efficiency and use of environmentally clean and renewable resources.
Pursuant to the terms of the Agreement, the MEER will appoint a task force to interact with HAE in the implementation of the Agreement, provide all available information to achieve the Agreement's objectives, and otherwise assist in facilitating the issuance of all required permits and authorizations necessary for the implementation and operation of projects undertaken in connection with the Agreement.
HAE will assess and identify potential sites for project execution and develop project feasibility studies that will include, among other matters, technical and economic evaluation, installation schedules, technical staff required and investment schedules.
Luis Eduardo Bernal Jaller, HAE's Co-Chief Executive Officer, said, "We are very excited about working with the MEER and the Government of Ecuador to implement the terms of the Agreement and bring new sources of safe, clean, reliable electricity utilizing hydrokinetic energy to the Republic of Ecuador, using our OCEANUSTM SYSTEM. We are looking forward to being a steady and long term provider of energy to Ecuador for many years to come."
HAE is actively involved in the development of green technology solutions for planned off-shore hydrokinetic energy projects worldwide, primarily in developing countries, to deliver safe, clean, cost-effective and reliable electrical power.
The Hydro Alternative Energy, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7088
Certain statements made by Hydro Alternative Energy, Inc. and members of its management team on its behalf in this release and other periodic oral and written statements, regarding the Company's operating performance, events or developments that the Company believes or expects to occur in the future, including those that discuss anticipated financial results, strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, growth of the Company or of the market for its products and services, or general belief in the Company's expectations of future operating results are forward-looking statements. All such forward-looking statements are subject to risks and uncertainties, including the need by the Company for substantial additional working capital to materially advance its business plan; no assurances that the Company will be able to secure such capital; technology challenges involved in the development of the Company's planned products and services; the performance of the Company's technology; the Company's ability to protect its intellectual property; the breadth and severity of the global economic downturn; the strength of housing and related markets; retail and industrial demand; foreign currency effects; the ability to integrate acquisitions successfully and the risk that expected synergies may not be fully realized or may take longer to realize than expected; and competitors' product introductions, pricing and other competitive pressures, as well as other risk factors. Forward-looking statements included herein are made as of the date hereof, and the Company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.