SPI Solar, a developer of vertically integrated photovoltaic, has declared that it has signed a memorandum of understanding (MOU) with two fund administration companies, AIMS-Taneo Fund and Thermi-Taneo Venture Capital Fund. This MOU improves the prospects of SPI and develops utility-scale solar energy facilities (SEF) throughout Greece.
The fund administration companies works under the New Economic Development Fund, termed as Taneo Fund, which is sponsored by private and Greek government to focus on venture-capital investments in Europe and Greece.
SPI and Taneo will construct 100 MW of SEF projects in total. Under the agreement, the engineering, purchase and building services will be provided by SPI and Taneo will possess about 23 MW of SEF projects.
SPI maintains a cordial relationship with LDK Solar, a producer of solar wafers and will receive debt financing from LDK Solar, Furthermore, the high-performance solar modules of LPK will be used by the SEF projects.
According to the CEO of the New Economic Development Fund, Nikos Haritakis, the projects will offer sustainable and consistent electricity sources and new clean energy jobs to the country.
The CEO of SPI Solar, Steve Kircher was happy about the MOU and stated that common objectives are shared between SPI Solar, AIMS and Thermi including the development of large-scale solar projects that offers both ecological and financial benefits to Greece.
The SEF projects are anticipated to reach completion by the end of 2012 or beginning of 2013.