Jan 27, 2021 News
Transition to Renewables…
Kaieteur News – As countries hasten efforts to utilize cleaner energy sources, oil companies are also reexamining their business decisions to ensure that they are not left behind in this changing tide. In fact, Eco Atlantic Oil and Gas Limited, one of the joint venture partners of the Orinduik Block, announced yesterday that it has created a new company, which will be focused on catering to the needs of the rising renewables sector.
The new firm called Eco Atlantic Renewables was established in partnership with Nepcoe Capital Partners Ltd. (“Nepcoe”), a renewable energy developer and investment company. Together, the duo would be using the new corporation as a vehicle to source, acquire, and develop an exclusive pipeline of high yielding, low cost 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, already have their eyes set on a number of markets such as those in Greece, Spain, and Italy. The duo said that the focus will be on projects that are “strategically located in markets with advantageous land prices in prime locations and with premium off take prices…”
Speaking on the new venture, Gil Holzman, Co-Founder and Chief Executive Officer of Eco Atlantic, commented, “…Following several months of extensive strategic work and identification of multiple projects by the management team and Board of Directors, this exciting opportunity has crystallized. Our decision to form this new majority held renewable energy company was partly driven by a lack of oil and gas acquisition opportunities that are as good and as prospective as the ones we already hold.”
The CEO added, “While we remain focused and fully committed to achieving near term exploration success in Guyana and Namibia, we are fully aware of the global energy transition that is firmly underway. The creation of Eco Atlantic Renewables is a clear demonstration that Eco Atlantic is responding to the changing marketplace.”
The industry stakeholder said too that Eco has structured the new venture in such a way that its oil and gas assets in Guyana and Namibia remain the core of its business. He was keen to note that Eco has retained adequate near term financing for works to be done on both offshore assets.
Further to this, Holzman said that the creation of Eco Atlantic Renewables is very exciting while adding that the recent shift in energy market dynamics presents compelling, near term opportunities and the potential to grow yet another ground-breaking independent energy company.
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