QualityStocks would like to highlight SPI Solar (OTCBB: SOPW), a vertically integrated photovoltaic solar developer offering its own brand of high-quality, low-cost distributed generation and utility-scale solar energy facility development services. Through the company’s close relationship with LDK Solar, SPI extends the reach of its vertical integration from silicon to system. From project development, to project financing and to post-construction asset management, SPI delivers turnkey world-class photovoltaic solar energy facilities to its business, government and utility customers.
In the company’s news yesterday,
SPI Solar announced that it has entered into a memorandum of understanding (MOU) with two fund management companies to develop utility-scale solar energy facilities (SEF) across Greece.
Thermi-Taneo Venture Capital Fund and AIMS-Taneo Fund are part of the New Economic Development Fund called the Taneo Fund, a Greek-state sponsored, privately funded and independently managed fund-of-funds focused on venture-capital investments in Greece and Europe.
The MOU greatly enhances SPI’s opportunity to triple its development projects across Greece.
“We are very pleased to have this agreement in place. It represents a significant opportunity for SPI and all parties involved,” Steve Kircher, CEO for SPI Solar stated in the press release. “We share common goals with Thermi and AIMS; namely to bring large-scale solar development projects to Greece along with the economic and environmental benefits they deliver. The portfolio of projects this agreement represents will allow us to do just that.”
Per the agreement, SPI will provide engineering, procurement, and construction services. Taneo is under minimum commitment to provide the equity and own up to 23 megawatts of SEF projects for SPI to design and build. The end goal, however, is for Taneo and SPI to potentially develop a total of 100 megawatts in SEF projects across Greece.
SPI will arrange debt financing for the projects through the company’s relationship with LDK Solar, and the SEFs resulting from the MOU will use LDK’s high-performance modules.
“We are very pleased to have SPI Solar as our development partner for these large-scale projects across Greece,” said Nikos Haritakis, CEO of the New Economic Development Fund. “We look forward to getting started with several of them right away. 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.”
SPI’s local sales representative, SDL Solar, will serve as an advisory partner to SPI and will provide logistical support necessary to execute the projects within this portfolio.
SPI said the projects associated with the MOU expected to be complete in the late fourth quarter of 2012 and early first quarter of 2013.
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