Enernet Global and project partners begin construction on emissions-reducing power plant for Neolpharma in Puerto Rico

Company’s energy-as-a-service model will deliver reliable electricity and steam while reducing operating costs

New York, New York, UNITED STATES

NEW YORK, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Enernet Global Inc., a distributed energy service company that provides tailored energy solutions for industrial customers, has funded and begun construction on a combined heat and power (CHP) solution for Neolpharma Inc. PR in Puerto Rico, that will provide affordable electricity and a robust power supply, while reducing emissions by over 30%. Enernet will build, own, and operate the plant and provide essential power and heating as a service.

Enernet is working with Logic Energy, AM Electric, and engine provider 2G Energy to deploy the 3.4 MW CHP system, which will provide both electricity and steam to Neolpharma, a subsidiary of a Mexican pharmaceutical manufacturer, under a 12-year power purchase agreement.

With operations in the Caribbean, Australia, the Philippines, and Sub-Saharan Africa, Enernet deploys distributed on- and off-grid generation projects that include renewable energy, battery storage, cogeneration and existing thermal or grid supply. The company continues to build its presence as a market leader in distributed energy services, tailoring systems to meet customers’ specific energy, heat, and water needs at no capital cost.

“Puerto Rico is a core market for Enernet and we are excited to be embarking on this project with Neolpharma. This CHP plant will reduce emissions by 30%, or more than 8,000 tons of CO2 per year,” said Paul Matthews, Enernet CEO. “Our mission is to drive the energy transition in Puerto Rico for years to come, bringing our energy-as-a-service model to industrials and communities. This delivers savings and significant carbon reductions while providing more resilient systems and energy independence – all at no capital cost."

Philip Henry de Frahan, Enernet’s VP of Business Development, added, “This system will be commissioned in March 2021. We are incredibly thankful to partners AM Electric, Logic Energy, and 2G for delivering the project in a record 5-month timeframe from start to finish.”

Marco Monrouzeau, Vice President Administration and CFO for Neolpharma Inc. PR, said, “This plant will improve power reliability for our facility and enable us to reduce operating costs and achieve emissions reduction targets. Enernet’s fully financed, no-upfront-capital approach made this a straightforward decision. We are quite pleased to be working with them and their local suppliers to realize this project so expeditiously.”

About Enernet Global Inc (“Enernet”)
Enernet is a distributed energy service provider that finances, builds, owns and operates microgrids and drives the adoption of renewable energy, battery storage and energy efficiency solutions that displace CO2 emissions. Built on the company’s proprietary software platform, Enernet’s Energy-as-a-Service offering benefits on- and off-grid customers by providing less expensive, more resilient power solutions at no capital outlay for customers.

Enernet has operations in Australia, the Philippines, the Caribbean and Sub-Saharan Africa, where it focuses on power solutions for sectors that include island development, mining, commercial and industrial, remote communities, agriculture, utilities and hospitality.

About Neolpharma Pharmaceutical Group
Neolpharma Pharmaceutical Group engages in the research, development, manufacturing and distribution of generic medicines in the following therapeutic areas: neuroscience, oncology, metabolic disease, rheumatology and infectious diseases. Based in Mexico City, Mexico, Neolpharma Group has affiliates and operations in Puerto Rico and Latin America. For more information, visit the company's website at www.neolpharma.com.

Media contact:
Eugene Hunt
Trevi Communications for Enernet Global
Office: +1 978-750-0333 x101
Email: gene@trevicomm.com