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Size of VRB-ESS for Sorne Hill Increased to 2MW X 6hr and Completion of Sustainable Energy Ireland
Tapbury Feasibility Study
Vancouver, Canada (ots/PRNewswire) - VRB Power Systems Inc. (TSX-V: VRB) announces that the VRB-ESS(TM) being sold to Tapbury Management Limited ("Tapbury") for Phase II of the Sorne Hill Wind Farm in County Donegal, Ireland ("Sorne Hill") has been increased in size from a 1.5MW x 8hr system to a 2MW x 6hr system
The value of this contract to VRB Power has increased from US$6.3 million to approximately US$9.4 million. The agreement remains subject to execution of final contracts between Tapbury and VRB Power
The re-sizing of this system follows completion of the independent feasibility study on the implementation of the VRB-ESS at Sorne Hill jointly commissioned by Sustainable Energy Ireland (SEI) and Tapbury. This study validates a number of the key revenue streams that will be generated by the VRB-ESS. It also concludes that the optimum size of the system is 2MW of power with 6 hours of storage and the ability to provide 3MW of pulse power for 10 minute periods every hour in order to deal with short term volatility in wind generation
The study focuses on wind generation at Sorne, and also shows the potential for storage across Ireland with respect to the planned roll out of wind power and Ireland's Kyoto commitments. A summary of the study has been published on SEI's web site (www.sei.ie) and is also available on VRB Power's web site (www.vrbpower.com) under the "VRB News" section.
"Wind energy is one of Ireland's largest accessible renewable energy resources," said David Taylor CEO of Sustainable Energy Ireland. "In the recent Energy White Paper, the Irish Government set a target to deliver 33% of electricity from renewable sources by 2020, a significant proportion of which will be provided by wind. Integrating large amounts of wind power presents many challenges with regard to grid upgrade costs, power quality and of course intermittency management. Through its funding of this study, SEI is therefore pleased to be supporting activities which will enhance the understanding and market uptake of these energy storage technologies and which will help us to realise the full potential of wind energy in Ireland."
"We are delighted with the findings of this study," stated John Ward, Director of Tapbury. "The report provides technical and economic validation for a number of the key revenue streams that we had previously identified for the planned implementation of the VRB-ESS at Sorne Hill. The increase in the size of the system enables us to maximize these revenue streams and, when combined with additional market based payments, shown in the Grant Thornton report included in the study, provides a strong economic case for this purchase. In particular, the study demonstrates the potential for purchasers of VRB Energy Storage Systems in the Irish market to achieve a very healthy IRR of 17.5% on their investment."
"This study now provides us with the data and validation required to finalize our off-take and other revenue agreements for Sorne Hill. This will in turn enable us to complete our project finance requirements and execute final contracts with VRB Power Systems," concluded Ward.
"This study demonstrates the economic viability of our systems for wind farms such as Sorne Hill," stated Tim Hennessy, CEO of VRB Power Systems. "This is largely due to our ability to enable wind powered generation to match many of the characteristics of conventional 'base load and peaking plant', thereby allowing wind power to be dispatched in a similar way to conventional generation. The report also highlights the need for storage in Ireland to enable the successful roll-out of wind generation from the current installed base of approx. 800MW up to and beyond the 3,000MW currently contracted or proposed, and to deal with the intermittency and constraint issues already being experienced. It is estimated that at least 700MW of storage may be required across Ireland. This sale will provide us with a "blue-print" to execute on similar opportunities in Ireland and worldwide," concluded Hennessy.
Sustainable Energy Ireland (SEI) is the statutory authority charged with promoting and assisting the development of sustainable energy. SEI is funded by the Irish Government under the National Development Plan 2007 - 20013 with programmes part-financed by the European Union. SEI provides energy policy information to the Government and is responsible for managing a number of demonstration and Union. SEI provides energy policy information to the Government and is responsible for managing a number of demonstration and information dissemination programmes in Ireland. Sustainable Energy Ireland website is www.sei.ie
About Sorne Wind and Tapbury Management
Sorne Wind Energy Limited is a private company formed to develop a 32 MW wind farm at Sorne Hill, Buncrana, Co. Donegal, Ireland. The budgeted development cost for this wind farm was (euro)40 million. Construction has been completed and all 16 turbines have been generating electricity since July 2006.
Tapbury Management Limited is a private company formed specifically to provide administration and management services to Sorne Wind Energy Limited. This Company will oversee the implementation and the operation of the VRB-ESS at Sorne.
About VRB Power
Headquartered in Vancouver, Canada, VRB Power Systems Inc. is an energy storage technology developer which is marketing, selling and manufacturing products utilizing the patented VRB Energy Storage System ("VRB-ESS(TM)"). The VRB-ESS can economically store and supply large amounts of electricity on demand and is focused on stationary applications. It is a long life, cost effective, low maintenance, efficient technology that allows for the scalability of power and storage capacity independently. The VRB-ESS is particularly beneficial to renewable energy providers, utilities and end users through its ability to "inventory" electricity, allowing for the optimal match of supply and demand.
The VRB-ESS is well suited for a variety of applications. Enabling the provision of "firm" capacity from intermittent renewable generation such as wind and solar; more cost effective and efficient generation of electricity in remote areas; capital deferral for utilities; and load levelling (peak shaving) applications. The VRB-ESS is also capable of providing backup power solutions including applications for utility sub-stations and telecommunication sites. The VRB-ESS is characterized by having the lowest ecological impact of all energy storage technologies and is unlike most other conventional energy storage systems that rely on substances such as lead or cadmium.
Caution regarding forward-looking statements: VRB Power's press releases may contain forward-looking statements. These statements are based on management's current expectations and beliefs which are subject to a number of known and unknown risks and uncertainties (including, but not limited to, the risk factors described in VRB Power's Annual Information Form filed with the British Columbia Securities Commission and available at www.sedar.com) that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. The Company does not assume any obligation to update any forward-looking statements contained in this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Simon Clarke Executive Vice President, Corporate Development
Visit the company's web site at: www.vrbpower.com
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