Eco (Atlantic) Oil & Gas, the oil and gas exploration company with licences in a proven oil province in Guyana and the highly prospective basins in Namibia, has formed a new company – Eco Atlantic Renewables – with Nepcoe Capital Partners, a renewable energy developer and investment company, to source, acquire and develop an exclusive pipeline of potential high yield solar projects.  Eco (Atlantic) Oil & Gas owns 70% of Eco Atlantic Renewables and the remaining 30% is owned by Nepcoe.

Highlights

• Eco Atlantic Renewables has been formed to source, acquire, and develop exclusive renewable energy projects and to create value through low cost, high yield, solar power development.
• Investment into renewables, alongside its principal oil and gas exploration business, will see Eco Atlantic becoming a diversified, growth oriented energy company.
• Eco Atlantic Renewables has been established to capture opportunities in the shifting energy market and subsequent attractive economics driving global solar photovoltaic (“PV”) energy demand growth.
• Eco Atlantic is providing a shareholder loan of up to US$6m (the “Loan”) for its 70% stake in Eco Atlantic Renewables.  It is anticipated that the Loan will be repaid in full upon a monetisation of the solar PV assets, from future third party investment into Eco Atlantic Renewables or from future project cash flows.  Eco will maintain its majority interest following repayment of the Loan.

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Source: EnergyPedia