SPI Solar (“SPI”) (OTCBB: SOPW) a leading vertically integrated photovoltaic (“PV”) solar developer, today announced that the Company will serve as the EPC contractor for the design and construction of 7.4 megawatts in Greece. The Company recently entered a purchase agreement with Thermi-Taneo Venture Capital Fund (“Thermi”) who will buy ownership of the three projects in the Evros region of Greece from SPI. Under the terms of the agreement, SPI is selling each of the three projects which include land-lease agreements and related permits to build the three solar energy facilities (“SEF”).
Thermi is part of the New Economy Development Fund known as the Taneo Fund, which is the largest shareholder of Thermi. The Taneo Fund is a Greek-state sponsored, privately funded and independently managed fund-of-funds which makes venture-capital investments in Greece.
“We are very pleased to be working with Thermi on the development of these initial projects in Greece,” Said Steve Kircher, CEO for SPI Solar. “Beyond these three projects, we look forward to working with the team at Thermi-Taneo Venture Capital Funds as we work together to expand our development plans across Greece.”
“We are happy to have SPI Solar as our development partner for these projects,” said Nikos Haritakis, CEO of the New Economy Development Fund. “It is a privilege to be able to help my country with new clean energy jobs and to be able to provide a reliable and sustainable source of electricity we all can benefit from.”
“We look forward to executing these projects with SPI Solar,” said Vassilis Takas, President of the Thermi-Taneo Venture Capital Fund. “This initial 7.4 megawatts is a nice start as we work together with SPI to bring even more solar energy to Greece.”
SPI is also working with its local sales representative and distributor, SDL Solar who is providing advisory services on the projects ("SDL”). “We are excited to work with SPI Solar and Thermi on the completion of these projects,” said Mike Lambros, Managing Partner of SDL Solar. “Through our combined efforts, we are working to contribute to Greece’s continued economic development.”
The projects, all of which will be ground mount systems, are scheduled for completion in Q2 and Q3 2012.