Prime Sun Power and Bangkok Solar Power have signed a strategic investment agreement where Bangkok Solar Power will attain up to 6,639,063 shares of PSP common stock at €7.73 per share. All shares issued to BSP are subject to a lock-up period through December 31, 2013. The purchase price was valued off of PSP’s current business plan, projected growth and the company’s ability to help BSP access the European solar market.
“The partnership with BSP is a very important milestone in the company’s expansion plans and strategy to partner with industry leaders to achieve our business plan goals and maintain sustainable growth,” said Olivier de Vergnies, Chief Executive Officer of PSP.
BSP will be the appointed general contractor performing the EPCI contract for PSP solar power plants for at least 50MW peak per annum until 2013. BSP will obtain the PSP shares in increments of €400,000 upon activation of each MW peak of solar power. If all the shares from the agreement are acquired, BSP will own 14.2% of PSP’s issued and outstanding shares of common stock.