Fidelis Energy Signs Definitive Accord with ASD Lusiona Solar

Fidelis Energy declared that it has entered into a definitive long-term accord with ASD Lusiona Solar (ALS), to develop around 1,500 acres of land area in Spain for the planning, building and managing of a solar farm, with approximately 100 MW power production capability. The currently signed accord validates the Letter of Intent earlier declared by Fidelis with ALS on 10th November.

On completion, the proposed project is expected to produce around $350 million as income. Fidelis has associated with a Spanish developing company to complete the installation of the project. The currently signed accord has been approved by the board of directors of the respective companies and awaits regulatory approvals. All the formalities of the accord is expected to conclude in March 2011.

James Poole, President of Fidelis, called the accord as important for the company. He added that the association confirms unique capability of their patented technology and its application in solar industry.