Siginik Energy, government of Ghana to build 50 MW solar array

Toronto, Ontario, June 4, 2012 — Siginik Energy Ltd., a unit of Episolar Inc., signed a definitive power purchase agreement with the Electricity Co. of Ghana, to build a 50 MW ground mounted tracking solar installation with the power produced to be purchased by the ECG for a period of 25 years. The installation will be the largest in West Africa, and one of the largest on the continent.

The installation is projected to create roughly 800 highly skilled jobs, including manufacturing, in the Northwest Region of Ghana and Siginik expects to break ground within the next 6 months. Siginik and ECG intend on expanding on this initial project with a view to additional installations in Ghana, a country with ideal solar radiation and increasing power needs.

Energy consumption within Ghana has been growing at 10 percent to 15 percent per year while supply is growing at a lower rate. Experts believe that Ghana needs 5,000 MW of energy in order to keep pace with demand, more than double its current available power. In addition, in order to achieve energy security in light of the country's robust economic growth, Ghana requires diversification in both energy mix and energy sources.

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