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  • SPI Solar (SOPW) Secures Second Major Greek Development Project, 2MW Utility-Scale 0 comments
    Jan 17, 2012 5:35 PM | about stocks: SOPW

    Today, SPI Solar, long established as a vertically integrated developer of innovative solar photovoltaic systems and EPC services (engineering, procurement and construction), reported securing all the requisite contracts/permits in order to serve the developer role on a 2MW fixed-tilt ground-mount solar facility in Evros, Greece.

    The facility itself will be utility-scale and feed directly into the Greek Public Power Corporation via a 20-yr power purchase agreement. With construction slated to commence some time in Q1 this year, the Company is in an excellent strategic position to sell the project during construction or after commissioning.

    CEO of SOPW, Stephen Kircher, expressed confidence with the direction the Company was headed in Greece and noted that this will be the second major project in Evros with the space of six months, adding that it was a real PR boon for SOPW to be actually adding something meaningful to an otherwise stressed Greek economy. Kircher was proud of being able to help create jobs and make a real economic contribution to Greece, while simultaneously implementing much needed low-cost, sustainable energy infrastructure to help power the future of the Greek people. Indeed, Kircher looks forward to a time when SOPW will help people all throughout Europe with additional high-performance solar PV systems/projects.

    The Company moved into position as developer of record for the project very deftly via acquisition of an LLC used to gain interest in the Evros development, which was already fully permitted and ready for construction. This is another bold move for SOPW, whose SkyMount® rooftop racking system, advanced solar canopies like the Peaq™ and tracking/monitoring technologies like the Solar PowerView™ performance monitoring package are some of the best offerings in the industry. Greek may seem like a tricky play, but SOPW looks to have the competencies and connections to thread the needle, allaying investors’ concerns handsomely.

    SOPW put in extensive due diligence on the project work-up, engaging Global Energy Services Ltd. (NYSE:GES) to identify this ripe, low-hanging fruit and also to quickly circumnavigate the on-site technical details that needed to be sorted out prior to qualification. This relationship will be cultivated even further as the project advances, with GES fulfilling an oversight role during construction of the facility.

    The Company intends to operate/maintain the facility throughout the power purchase agreement term and will utilize the same robust, powerful LDK modules used in other successful projects like the Twentieth Century Fox Motion Picture Studios installation in LA. SOPW is able to fully leverage product supply chain efficiencies as an LDK company, spring boarding off the upstream and offering an extensibility platform for LDK in the logistical downstream the allows greater vertical integration for both.

    For more information on the new facility in Evros, or for more information on SPI Solar, please visit the Company’s website at: spisolar.com

    Please see disclaimer on the QualityStocks website: disclaimer.qualitystocks.net

    Stocks: SOPW
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