Global Ecology Corporation (Symbol GLEC: OTCQB), announced today that it has executed a Letter of Intent with Esoft Informatics, Pvt. Ltd., of Noida, India for the development of a thermal solar energy project in India.
Under the terms of the agreement, Global Ecology will form a U.S. subsidiary, GEC Energy Corporation, to be jointly owned by Esoft and Global Ecology.
Upon completion of definitive documents, GEC Energy Corporation will be assigned the rights to a $25 million Standby Letter of Credit from a AAA rated U.S. trust which will assist GEC Energy Corp. to secure funding for the purpose of developing its first thermal solar energy project in India.
Esoft currently has a memorandum of understanding (MOU) for the building of a 6 megawatt solar power plant. Esoft will assign the MOU to GEC Energy Corp. and provide the necessary financing. To launch the project, Esoft and its affiliate, Rubious Industries, have received working capital lending terms from a prime bank for a credit facility in the amount of $2.5 million.
GEC Energy Corp. also will market Global Ecology’s environmental restoration technology throughout India. In addition, the chairman of Esoft, Vivek Sinha, will have an option to purchase 5 million shares of Global Ecology common stock at $0.50 per share.
Shannon Newby, Esoft’s investment advisor, said, “The formation of GEC Energy Corp. will greatly enhance the value of the projects being considered in India. The size of this endeavor and the ability to access the public markets through Global Ecology is an attractive combination.”
Peter Ubaldi, president & CEO of Global Ecology, said, “We are continuing to implement our strategy of seeking quality partners worldwide to market our technology and develop new environmentally friendly opportunities. Our discussions with Esoft are in the final stages and we are excited about this venture and confident of its success.”
Earlier, according to reports, Esoft Informatics had been in discussions with Bergamo Acquisition Corp for implementation of up to 200MW of Solar thermal hybrids. It is unclear if the deals with Bergamo Acquisition Corp has been finalized.
Most recently, Bergamo Acquisition Corp (OTC:BGMO) informed that it has seen its schedule of anticipated announcements temporarily pushed back. As Panchabuta had reported earlier this year, Bergamo Acquisition Corp (OTC:BGMO) had announced that the Company had come to terms for three hybrid solar thermal power plants totaling 200 megawatts to be located in India. Bergamo Acquisition Corp’s subsidiary in India, Bergamo Harbinsons, had handled the negotiations. Bergamo was to receive a ten percent fee to be paid upfront.