Orinduik’s partner is positioning itself to supply solar power systems
Transition to Renewable Energy…
Kaieteur News – As countries accelerate efforts to use cleaner energy sources, oil companies are also reuniting their business decisions to ensure they are not left behind in this changing tide. In fact, Eco Atlantic Oil and Gas Limited, one of Block Orinduik’s joint venture partners, announced that it has created a new company, which will focus on catering to the needs of the growing renewable energy sector.
The new company called Eco Atlantic Renewables was set up in partnership with Nepcoe Capital Partners Ltd. (“Nepcoe”), a renewable energy developer and investment company. Together, the duo would use the new corporation as a vehicle to source, acquire, and develop a unique pipeline of high-cost, high-yield solar projects. In terms of the ownership arrangement, Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic”) owns 70% of Eco Atlantic Renewables and the remaining 30% is owned by Nepcoe.
Kaieteur News understands that Eco and its new partner, Nepcoe, have already set their sights on a number of markets such as those in Greece, Spain and Italy. The duo said the focus will be on projects “strategically placed in markets with advantageous land prices in prime locations and with premium take-up prices …”
Commenting on the new initiative, Gil Holzman, Co-Founder and CEO of Eco Atlantic, said, “… Following several months of extensive strategic work and identifying several projects by the management team and Board of Directors, this exciting opportunity crystallized. . Our decision to form this new majority renewable energy company was driven in part by a lack of oil and gas procurement opportunities that are as good as existing. ”
The CEO added, “While we remain focused and fully committed to the success of exploration in the near term in Guyana and Namibia, we are fully aware of the global energy transformation which is well underway . The creation of Eco Atlantic Renewables is a clear demonstration that Eco Atlantic is responding to the changing market. ”
An industry stakeholder also said Eco has structured the new venture in such a way that its oil and gas assets in Guyana and Namibia remain core to its business. He was keen to note that Eco has retained close funding in the near term for work to be done on the two offshore assets.
In addition, Holzman said the creation of Eco Atlantic Renewables is very exciting, adding that the recent change in energy market dynamics presents compelling, near-term opportunities and the potential to grow another innovative independent energy company.