SPI Solar (“SPI”) (OTCBB: SOPW), a vertically integrated photovoltaic (“PV”) solar developer and engineering, procurement and construction (“EPC”) services provider, announced that it has successfully completed the acquisition of the necessary contracts and permits to serve as developer of a 2 megawatt fixed-ground-mount solar energy facility (SEF) which will be located in Evros, a North Eastern region of Greece. This is SPI’s second major solar development in Greece. The first project, announced in August, was a 4.4 megawatt SEF also located in the Evros region.
SPI acquired a limited liability corporation to gain interest in the Evros development to become the developer of record for the project, which was fully permitted and ready to be built. The SEF will be a fixed-tilt ground-mount utility-scale facility. The electricity generated by the SEF will be purchased by the Greek Public Power Corporation (“PPC”) through a 20-year Power Purchase Agreement (PPA). Construction is scheduled to begin in the first quarter of 2012. It is SPI’s intention to sell the project during the construction phase or upon commissioning.
SPI worked with Global Energy Services Ltd. (“GESL”) to identify the build-ready project and to perform on-site technical due diligence in order to qualify the project for development. GESL will work closely with SPI to also provide project oversight during the construction of the SEF. Once completed, SPI intends to perform operations and maintenance of the facility over the term of the PPA. The SEF will use LDK’s high-performance solar modules.
“This is our second major project in Evros in less than a year and we are very pleased with the direction our efforts are taking us in Greece,” said Stephen Kircher, CEO of SPI. “The projects we are executing and pursuing in Greece are perfectly suited to our experience and skill set,” Mr. Kircher stated. “It’s a real plus to be able to make a positive economic contribution through the jobs we will be creating and the low-cost, sustainable electricity our facilities will be producing. We look forward to more projects in Greece and elsewhere in Europe,” Mr. Kircher concluded.