Prime Sun Power to sell 25MW plant in Italy

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Prime Sun Power has signed a definitive agreement for the sale of a 25MW PV power plant in Italy. PSP receives interest for €12 million of strategic investments in the company from module suppliers; it is expected to generate gross revenues of over €100 million in 2010. This contract is the first to be signed under the terms of a signed frame agreement to sell 100MW projects on a turnkey grid-connected basis to an institutional investor.

PSP has received several engineering, procurement and construction (EPC) contractors and photovoltaic array module suppliers’ bids for the construction, installation and connection of the power plant to the regional electricity grid in Italy.

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Olivier de Vergnies, CEO of PSP, said, “We have commenced the phase for monetization of our business model in the photovoltaic sector. The success of signing our first 25MW photovoltaic sales contract not only exhibits the effectiveness of our strategy, but also demonstrates our company project development capabilities and delivery of value to our shareholders. We intend to engage world leading EPC and module suppliers to guarantee on-time project delivery and project-outsourcing in order to close additional definitive sales agreements before the end of April 2010.”

The company plans to develop, build, and operate 500MW of PV power generation through the end of 2013, of which 150MW are expected to be acquired by third-party investors

Terms and conditions of the long-term debt by the company’s financing institution are expected to be finalized by the end of April. Construction is anticipated to begin in June 2010.

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