The Switzerland-based renewable energy provider will construct the facility on 4.1 hectares of available land about 3.5 kilometers from Tuvatu.
Meeco's sun2live system should generate 7 megawatts of peak power there. That energy, along with the 11 peak megawatts Lion One will create from diesel generators, will provide nonstop, around-the-clock power for Tuvatu's gold mine and processing plant.
Annually, the solar power system should generate about 10.31 gigawatt hours' worth of energy, thereby eliminating a potential 6,000 tons of carbon dioxide emissions.
"This hybrid system will not only reduce our carbon footprint but will enable Lion One to meet our power capacity requirements while significantly reducing fuel consumption and operating costs for the Tuvatu gold project," Lion One's Managing Director Stephen Mann said in the release.
As for the partnership agreement, Lion One will be a "50% shareholder of a special project vehicle through an agreed buy-in structure," the release noted.
Read what other experts are saying about:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Lion One Metals. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.