Eco Atlantic Oil and Gas Limited disclosed to its shareholders today that it would be joining the ranks of other oil companies that are taking steps to support the global movement to cleaner sources of energy. In this regard, the company revealed that it has joined forces with Nepcoe Capital Partners Ltd. (“Nepcoe”), a renewable energy developer and investment company, to create a brand new division called Eco Atlantic Renewables. This company which is 70 percent owned by Eco is intended to source, acquire and develop an exclusive pipeline of solar projects.
Guyana Standard understands that the new partners would be looking to penetrate the European market and any other that provides premium benefits for its investors.
Following the disclosure of this new business arrangement, CEO of Eco, Gil Holzman, disclosed that the decision to form this new 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 Eco already holds.
The CEO said, “…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…”
He added, “The creation of Eco Atlantic Renewables is very exciting, and the recent shift in energy market dynamics presents compelling, near term opportunities and the potential to grow yet another ground-breaking, independent, energy company.”
Combined with its highly prospective exploration acreage and discoveries in Guyana, the Eco Atlantic CEO expressed confidence that the new company has added a highly relevant and attractive asset to its portfolio.