DOTHAN, Ala., April 14, 2011 (GLOBE NEWSWIRE) -- Clean Energy Pathways, Inc. (Pink Sheets:CPWY), an alternative and renewable energy solutions company, has signed a letter of intent with H&T Holdings to form a joint venture for development of two one-megawatt solar farms with an option for two additional one-megawatt systems after the first two are on line.
The first two projects are estimated to produce $16.5 million in revenue for the two companies over a 20-year term. The first two systems will be located approximately 30 miles north of Chattanooga, Tennessee, on 30-70 acres of land situated for maximum exposure to sunlight.
"This is an exciting time for our company as our solar development plans unfold," said J. Michael Parsons, CEO of Clean Energy Pathways. "This agreement brings us another step closer to our goal of 50 megawatts of solar electric generation capacity in 2011. From an operational standpoint, this is an excellent plan. The strategy of grouping one-megawatt systems gives more flexibility for the grid. It also gets the generating capacity on line in a shorter amount of time, compared to a single large project on one piece of real estate."
About Clean Energy Pathways
Clean Energy Pathways, Inc. is a company focused on delivering multiple solutions to aid businesses and government facilities in attaining energy independence, reduced costs and a cleaner environment. These pathways to energy independence include biomass fuels, solar systems, wind energy, building energy management systems and other technologies, as well as financing of, and gain-sharing in, the improvements. For more, see cleanenergypathways.com
The Clean Energy Pathways, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9449
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause future results to differ materially from the forward-looking statements. You should consider these factors in evaluating the statements herein, and not rely on such statements. The forward-looking statements in this release are made as of the date hereof and Clean Energy Pathways, Inc. undertakes no obligation to update such statements.