The Company announces its plan to develop, build and operate 500 Megawatts photovoltaic solar power generation through the end of 2013 out of which 150 megawatts is expected to be acquired by third party investors. In addition to the proceeds from selected strategic financiers currently in negotiations with company management, the company will use the revenues generated out of third party projects sales in the development and construction of its own power plants. The company strategy is to act as a consortium leader with reputable world-leading EPC and Module suppliers to deliver all projects on Turnkey basis. The company aims to achieve a leading position in the provision of solar energy.
The company has signed a frame agreement to sell 100 megawatt projects on a turnkey grid-connected basis to a European institutional investor and expects to very shortly finalize the definitive agreement.
The company is in the technical and legal due diligence phase regarding licenses and land usage for additional photovoltaic solar power plants of 100 megawatts in Italy and 50 megawatts in Greece.
The Company is in discussion with strategic financiers for possible financing to sustain the expansion plan of the company. The company plans to establish a wholly-owned subsidiary in Switzerland “PSP Europe AG” which will own the company’s European assets and manage operations.
Mr. Olivier de Vergnies, Chief Executive Officer of the company, stated, “Our goals in the photovoltaic sector may be ambitious but they are achievable with the right partners. Through our close cooperation with local industry and government, we are obtaining ideal sites within several regions for the production of electricity using PV technology. Prime Sun Power is convinced that the solar sector will gain great importance in Europe, not only as a technology but also as a key element of a clean energy solution in the near future. We intend to participate actively in that development.”