Thin-film product developer DayStar Technologies has entered into a lock-up agreement to acquire seven solar projects from Arxikon Construction Company in Greece.
The solar parks are 1MWp each and located in industrial areas in northern Greece.
The lock-up agreement allows DayStar 200 days to complete its due diligence, regulatory approvals and financing for the acquisition process. The contract is worth approximately €75,000,000 over a period of 20 years.
These solar parks have an asset value of approximately €21,000,000 with an estimated annual power production of 10.85GW per year. Each of the solar parks were constructed with Bosch monocrystalline solar cells and SMA Inverters and are fully equipped with data acquisition systems for 24/7 monitoring.
Lorne Roseborough, DayStar's President, said: “We are very pleased with the prospects of this acquisition as we continue to establish our global footprint in the Renewable Energy Sector. The US rating agency Standard and Poor's has recently upgraded Greece's sovereign credit rating to stable, creating an excellent opportunity for the acquisition of these types of infrastructure assets.”