Tarsier Enters Into Joint Venture
For Philippine Energy Projects
NEW YORK, NY–(Marketwired – March 03, 2016) – Tarsier Ltd. (OTC PINK: TAER)announces that it has formed a Joint Venture with Novosol Power, for the development, ownership and operation of energy generation projects in the Philippines. Novosol’s seasoned management and development team has spent the last five years developing projects in the Philippines, Europe, and Africa. Tarsier Innovation will oversee project development and arrange financing. Tarsier will also employ its patented T-Flow Energy Management Software Platform, which allows operators the ability to manage, regulate, and control energy flow in real-time. The 1st phase of the Joint Venture is the installation of 100 MW’s of gas fired power plants, which the electric output has been contracted for via a PPA by a Philippine Utility for 10 years, resulting in $65 million reoccurring yearly revenues. In addition to Novosol’s 50% interest in the JV, Novosol will receive 1 million shares of Tarsier stock upon commercial operation of Phase 1 projects.
“The Philippines is experiencing robust growth and the electricity market is struggling to keep up with the demand for more energy. With the implementation of these projects Tarsier and Novosol will help to manage that demand and support the growing Cities consuming this energy. We are pleased to have a strong partner in Novosol and excited to be working with the broader Novosol family, who we believe could be great partners for Tarsier in the further development of our Smart City business globally,” said William May, President of Tarsier Innovation Ltd.
“We are very excited about our Joint Venture with Tarsier. With their capital market, energy management and intense focus on innovation and Smart Cities, we know we have chosen the right partner to help us effectively execute our development portfolio in the Philippines. The Philippines is just the tip of the iceberg and we look forward to working with them in additional markets in the not too distant future,” said Robert Bucher, CEO of Novosol Power.