SPI Solar (“SPI”) ( OTCBB: SOPW), a leading vertically integrated photovoltaic (“PV”) solar developer and engineering, procurement and construction (“EPC”) services provider, announced today that it has successfully completed the acquisition of the necessary contracts and permits to serve as developer of a 1 megawatt fixed-ground-mount solar energy facility (SEF) which will be located in Rhodope Prefecture, a North Eastern region of Greece. This is SPI’s third major solar development in Greece. In January 2012, SPI announced the second project, a 2 megawatt SEF which is also located in the Evros region. The first project, announced in August, was a 4.4 megawatt SEF located in the Evros region.
The Rhodope SEF will be a fixed-tilt ground-mount utility-scale facility, and the electricity generated by the Rhodope SEF will be purchased by the Greek Public Power Corporation (“PPC”) through a 20-year Power Purchase Agreement (PPA). SPI acquired a limited liability corporation to gain interest in, and become the developer of record for the Rodpoi project.
SPI worked with its local partners SDL Solar (“SDL”) and Global Energy Services Ltd. (“GESL”) to identify the build-ready project, perform on-site technical due diligence and also to 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 project brings a total of 7.4 megawatts under development by SPI in Greece in less than a year,” said Stephen Kircher, CEO of SPI. “Greece provides a very rewarding environment for us to do business in. This project will produce a net economic gain on many levels. It will be owned and operated by private investors within Greece, and as with all of the SEF developments we engage in, local jobs will be created during the construction of the facility. And once completed, the facility will be producing low-cost, sustainable electricity for decades to come,” Mr. Kircher concluded.