WorldWater and Power Corp introduction

"NEW YORK (Dow Jones)--A partner of solar-energy components company Emcore Corp. (EMKR) received an $8.26 million contract to build a solar-power facility for a California water authority, sending Emcore shares as much as 15% higher Friday. WorldWater & Power Corp., in which Emcore agreed to acquire a 31% equity stake in November, also is within weeks of inking a final deal to provide solar power to California's Fresno Yosemite International Airport under a state alternative-energy program, an airport official said. Emcore shares recently changed hands at $4.85, up 61 cents, or 14%, on Nasdaq composite volume of 1.71 million shares. Average daily volume is 948,745 shares. Earlier in the session, Emcore shares peaked at $4.89. Emcore, based in Somerset, N.J., didn't immediately return phone calls seeking comment. WorldWater Western Region Director Larry Slominski said directors at the Kern County Water Agency in California voted Wednesday to approve the $8.26 million contract award. An official announcement is slated for next week. WorldWater, of Pennington, N.J., will build the Kern County facility, which will be owned by the water authority, Slominski said. Meanwhile, Fresno Airport Planning Manager Kevin Meikle said WorldWater was selected to negotiate a final deal to build and operate the 2-megawatt solar facility on airport property. A total of three companies responded to the airport's request for proposals. The airport and WorldWater could reach a final agreement to submit to city council within weeks, Meikle said. "We're still working with them on all the details; it hasn't been formally awarded," Meikle said. "(But) the city is very excited about the project...It may be the first time in the state that you're putting in two megawatts (at once.)" Slominkski declined to comment on the Fresno project, citing ongoing negotiations, saying only, "It's significant. It's a leading-edge project." WorldWater Chairman Quentin Kelly reached in Boston also declined comment because of the negotiations. Meikle said the deal, which needs city council approval, would call for WorldWater to build and maintain the solar array. The airport would then enter into a long-term fixed-price power-purchase agreement, which he added typically spans about 20 to 25 years. Construction could begin as early as May on the Fresno facility, which ultimately could cover as much as 50% of the airport's power needs, Meikle said. The energy-cost savings to the airport would be immediate. The airport currently pays about 12.9 cents a kilowatt-hour while initial proposals call for the airport to pay WorldWater about 12.1 cents a kilowatt-hour, Meikle said. -James DeWeese; 201-938-5400; AskNewswires@dowjones.com (END) Dow Jones NewswiresFebruary 23, 2007 14:15 ET (19:15 GMT)"

2007 outlook