Feb 11 2010
Prime Sun Power announced plans to develop solar photovoltaic power plants in Europe, especially in Italy, Turkey and Greece with an intention to become a clean energy utility company. The company plans to develop and operate its own as well as third party photovoltaic solar power plants.
As per the plans announced by the company, it is aiming to develop, construct and operate 500 MW solar power generation by the end of 2013. Third party investors are expected to acquire 150 MW from this proposed 500 MW generation. The company will utilize proceeds from the sale of third party projects as well as from select financers that are currently in negotiations with the company for the development of its own photovoltaic power plants. Prime Sun Power is aiming to become a leading provider of solar energy.
Frame agreement has been signed by Prime Sun Power with a European institutional investor to sell turnkey grid-connected projects totaling 100 MW. The definitive agreement for the projects is expected to be finalized shortly. The company is also planning to develop additional solar power plants of 50 MW in Greece and 100 MW in Italy for which it is in legal due diligence stage regarding land usage and licenses.
Prime Sun Power is proposing to set up a 100% owned subsidiary, PSP Europe AG, in Switzerland. The subsidiary will own and operate Prime Sun Power’s European assets. The company is in negotiations with strategic financiers to support its expansion plans
Chief Executive Officer of Prime Sun Power, Olivier de Vergnies, said though the company’s plans in the photovoltaic sector is challenging, it can be accomplished with right partners. The company is obtaining ideal sites for solar power generation by working closely with local government and industries, Vergnies added.
Source: www.primesunpower.com