Fidelis Energy Ships 23 MW Solar PV Modules Ahead of Schedule

Fidelis Energy, an alternative energy company engaged in the developing and selling of solar power products, declared that it has shipped 23 MW of solar PV modules to its first client TinSol Energy, of South Africa (TSEL).

The company has commenced the manufacturing process from its production facility in China in the earlier part of this year. The company sped up its production process for the client and shipped the products well before the pre-scheduled first quarter of 2011. The company had earlier signed an agreement with TSEL to supply 207 MW of solar PV modules valued at $475 million. The order will be completed in due course of time. The company anticipates receiving $52.5 million being payment value for the current shipment before 15th December 2010. On the basis of its current manufacturing capabilities, the company anticipates earning approximately 95 Million to $160 Million in the first quarter of 2011.

James Poole, CEO and President of Fidelis Energy, said that his company is happy with the last quarter results that showed a healthy growth of the company. He added that in the fourth quarter, the company surpassed all its previous set targets and accomplished record revenue growth and quick shipments. He said that his company has received few more contracts both from the existing and new clients and looking forward to continuing the gained momentum to lead the solar industry in future.