CBDE estimates it will earn pre-tax profit of $6,080,000 from the project’s construction, which is expected to be pre sold to a Singapore-based financial institution. These estimated pre-tax profits are in line with those derived from a previous project completed by CBDE in Thailand. CBDE anticipates these earnings will be recognized during the 2015 calendar year. CBDE attributes finalization of the contract to its exclusive worldwide license to market its residential and commercial solar under the Westinghouse Solar name, the 125-year heritage of the Westinghouse brand, CBDE’s status as a NASDAQ-listed company and its extensive history of developing quality solar projects worldwide.
CBDE has experience in Thailand, having previously successfully developed and operated a $25,000,000 solar farm in Chonbun province near Pattaya. Thailand has increased its commitment to solar energy investment by 50 percent, pledging to meet 25 percent of the country’s total energy demand from renewable sources. The country ranks among a handful of emerging solar markets that are gaining major momentum in the solar industry.
“As some traditional long-established markets slow down, CBD Energy’s strategy of diversification and exposure to multiple markets is realizing significant opportunity for CBDE due to our world-wide capability,” said CBD Energy Executive Chairman Gerry McGowan.
Mr. McGowan continued, “The successful conclusion of this contract is an important development for CBDE. These projects require full use of our international experience and engineering and operational capability. The value of having the Westinghouse Solar brand cannot be underestimated when evaluating the factors that enabled CBDE to win this contract. CBDE is continuing to develop our relationship with EEG in order to develop our pipeline of projects in the South East Asian market.”
Established in 1989, CBD Energy Limited is a diversified renewable energy company and a global leader in solar installations.Powered by a management team with deep experience in the energy sector and strong engineering capabilities, CBDE is focused on the integration of residential solar, commercial and industrial solar, small utility scale solar and wind projects, in three principal markets – Australia, the United Kingdom and the United States. CBDE markets its residential and commercial solar installations under the name Westinghouse Solar, using the WESTINGHOUSE(R) trademark pursuant to an exclusive, long-term worldwide license.
Headquartered in Sydney, with principal regional offices in London and New York, CBDE has completed projects across four continents in Australia, Fiji, Germany, Italy, New Zealand, Thailand, the United Kingdom and the United States, CBDE has installed more than 17,000 residential systems and developed large renewable energy projects such as the 107MW wind farm in Taralga, NSW. For further information on CBD Energy Limited and Westinghouse Solar, please visit:
This news release contains ‘forward-looking’ statements.Such forward-looking statements can be identified by, amongst other things, the use of forward-looking language, such as the words ‘plan’, ‘believe’, ‘expect’, ‘anticipate’, ‘intend’, ‘estimate’, ‘project’, ‘may’, ‘would’, ‘could’, ‘should’, ‘seeks’, or ‘scheduled to’, or other similar words, or the negative of these terms, or other variations of these terms or comparable language, or by discussion of strategy or intentions.
The forward-looking statements in this release include statements regarding the projected cost to develop a solar park and anticipated pre-tax revenues deriving form the project. Such forward-looking statements are subject to various risks, as well as those set forth in the Company’s most recent Form F-1, as filed with the U.S. Securities and Exchange Commission (SEC),and involve assumptions, estimates, and uncertainties that reflect current internal projections, expectations or beliefs. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. All forward looking statements contained in this news release are qualified in their entirety by these cautionary statements and the risk factors described above. Furthermore, allsuch statements are made as of the date of this release, and CBD Energy Limited assumes no obligation to update or revise these statementsunless otherwise required by law.