Princess Anne, MD, December 19, 2011 --(PR.com
)-- Eastern Shore Energy, LLC (ESE) announced today they have reached a preliminary financing agreement with Benjamin Travis, COO of World Equity Alliance, Inc (WEA). Based upon this agreement, the WEA Energy Private Equity Fund, LP intends to invest, as a joint venture partner in the development for the ESE projects.
Eastern Shore Energy is actively developing multiple renewable energy projects in Somerset and Worchester Counties, Maryland totaling between 120 and 150 Megawatts (MW’s) of wind, solar, and biomass projects.
National Renewable Solutions, LLC (NRS) is the manager/developer of Eastern Shore Energy. Maryland Hawk Corporation, a founder of the company, is a private non-profit affiliate to the University of Maryland, Eastern Shore (UMES).
“This agreement furthers ESE’s efforts to promote the development of renewable energy production with community participation on the Eastern Shore,” said Patrick Pelstring, CEO of National Renewable Solutions. “We understand that Benjamin Travis and his partners at World Equity Alliance have a strong history of successful development and investment, and we looking forward to working together.”
ESE is currently studying the feasibility of three wind projects within the two counties and expects to identify additional sites over the next several months. “We believe the current sites offer the opportunity for the initial 40 to 60MW’s of wind development, and we are very encouraged with the results of our feasibility results,” stated Pelstring.
The WEA Energy Private Equity Fund has earmarked up to US $2,000,000 for investment in multiple wind projects. These investments are planned in the pre-construction development phase, which offer significant growth potential. WEA is completing their due diligence and intends to evaluate each future project investment individually.
“We are proud to be a part of this project, that will create regional jobs and promote local economic development on the Eastern Shore,” said Benjamin Travis.
Eastern Shore’s next step is to negotiate the participation of both public and private landowners in the company’s prospective development projects, and complete deployment of its meteorological equipment.
Eastern Shore Energy, LLC (ESE): Eastern Shore Energy, LLC is Maryland’s first utility-scale, community-based wind development company. The company’s development emphasis is targeted in Somerset and Worcester Counties, Maryland. ESE’s objective is to develop up to 150 MWs or more of wind/renewable energy. Our development commitment is to produce renewable energy projects that are sustainable, generational and environmentally responsible. Our financial commitment is to assure that the financial benefits are shared with our local stockholders, area landowners and the surrounding community. Contact: Patrick Pelstring at 952-473-7500.
National Renewable Solutions, LLC (NRS): National Renewable Solutions, LLC is a national leader in developing community wind energy projects. NRS forms community wind energy partnerships with property owners, and in many cases, public and private institutions. Prior to forming NRS, Patrick Pelstring was a founder and Board member at National Wind. During his tenure at the company, National Wind completed development of nearly 300MW’s of projects using the local ownership model. NRS currently has approximately 1,500 MW’s in development in six states around the country. Contact: Patrick Pelstring at 952-473-7500.
University of Maryland, Eastern Shore (UMES) Maryland Hawk Corporation (MHC):
The Maryland Hawk Corporation (MHC) is a University Affiliated Foundation 501 (c) (3) non-profit organization focused on the commercialization and entrepreneurial development of intellectual property developed at the University a Historically Black University (HBCU) and the 1890 Land Grant institution for the State of Maryland. Revenues from royalties, dividends, leases, licenses, and other commercial activities will be used to support regional economic development with excess revenues targeted to support the mission of the University of Maryland Eastern Shore. Contact: Dan Kuennen at 410-651-6182 or Dr. Ron Forsythe at 410-651-8371
World Equity Alliance Inc. (WEA) WEA is the general partner of the WEA Energy Private Equity Fund (“The Fund”). The Fund is focused on investment opportunities in the rapidly growing wind & solar industries in the US. The Fund is investing in early-stage renewable energy projects for pre-construction and sale of “shovel ready” projects with power purchase agreements in place. WEA and The Fund serve as an investment vehicle for Accredited Investors and have assembled team of developers to assist in due diligence, financial analysis and modeling, and evaluation of multiple alternative energy investments including wind, solar and biomass technology. Contact: Benjamin Eley Travis COO At World Equity Alliance, Inc (888) 417-3639