SPI Solar to Construct Second Utility-Scale Solar Plant in Greece

SPI Solar, an EPC service provider as well as a vertically integrated photovoltaic (“PV”) solar developer, declared that it has acquired the needed permits and contracts for developing a 2 MW fixed-ground-mounted solar energy facility (SEF) that will be in Evros, which is in the North Eastern part of Greece.

The project is the company’s second solar plant in Greece. The first project that was announced in the month of August was a 4.4 MW SEF also based in the same area.

SPI has obtained a limited liability corporation to obtain interest in the Evros development to be the record developer for the project that was totally permitted and ready to be constructed. The electricity produced by the SEF will be bought by the Greek Public Power Corporation (“PPC”) through Power Purchase Agreement (PPA) that will be valid for 20 years. Plant building will commence in Q1 of 2012. It is SPI’s desire to sell the project when the construction is ongoing or on commissioning.

SPI and Global Energy Services (GESL) worked together to discover the construction-ready project and to conduct on-site technical due diligence for project qualification. GESL and SPI will work together to offer project supervision while the SEF is being constructed. On completion, SPI will conduct operations and maintain the facility during the PPA term. The high-performance solar modules of LDK will be used for the project.