Sunvault acquires 25% share in new BC self-sustainable real estate project
Written By: Stratton Report
April 18, 2016
On April 18, Sunvault Energy Inc. and its subsidiary Aboriginal Power Corp, announced today that they have acquired a 25% stake in Firefly Development Corp to develop a new self-sustainable community involving solar installation of approximately 3MW. The 500 home Subdivision will be close to Vernon BC.
The property is an 80 acre site and has zero debt on the land. Homes in the community are to be sold to the owners with land leased for 49-years from the Marchand family of the Okanagan First Nation. with an option for a second 49 years.
Sunvault Energy will again be installing the new Edison “Always On Energy Bank” Storage System in each home along with solar arrays.
The partnership will also construct an anaerobic digestion facility which will take all organic waste from the homes in the community and turn that waste into energy to power the homes.
These technologies combined with 3 MW of solar PV installed on the homes’ roofs, will make this community self-sustainable as far as power is concerned. All homes will also have solar water heat options and a grey water system. Firefly will also put in its own water system to serve the community.
From a revenue standpoint, Firefly expects to earn approximately CAD 350,000 ($272,000) per year from the water system. Sunvault will earn its share from this site of approximately CAD 875,000 – 1,000,000 ($680,000 – $778,000) per year revenue on power usage as a green renewable energy utility provider. The Firefly property lease revenues will be approx. $1,750,000 ($1,361,000) per year. Sunvault’s gross revenues from the solar and the Edison Systems installation will be approximately another CAD 9.2 million ($7.15 million) dollars.
Gary Monaghan, CEO of Sunvault Energy noted:
“This will be our second self sustainable Community located in the Okanagan, new homes average in the Okanagan Valley at approximately $550,000, our homes will be in the $180,000 to $300,000 range for 1200 – 1600 square feet of single family high quality living space.”