Sunset is an Alberta registered company that has progressed in the permitting process to build a 57-megawatt (MW) alternating-current solar photovoltaic power plant. In the proposed project, there would be 216,756 fixed-mount photovoltaic solar panels, an underground collector line system, and a collector substation approximately 1 kilometer southwest of the hamlet of Grassy Lake, Alberta. The use of solar power combined with conventional power sources on the 10 acres site will add an emission free energy source for its data centre.
Sunset will be involved in all aspects of the project, as part of this service SkyChain will proceed with all permit and application processes. Final approval to the project is subject to securing the land and energy from the Alberta power transmission authority.
Per the terms of the service agreement, subject to successful completion of the services resulting in securing the permits, approvals, with land and power access, SkyChain will provide a payment of $1.68 million CAD in SkyChain common shares at $0.80 CAD per common share to Sunset.
TSX Venture Exchange (the “Exchange”) approval is still required to finalize the payment, as well as successful completion of due diligence and fulfillment of various conditions. The Company and Sunset are presently working through the due diligence process.