13:30 | 09.02.2010
Prime Sun Power Inc. Announces Major Program of Photovoltaic Power Plant Projects in Italy
Prime Sun Power Inc. (OTCBB: PSPW), is positioning itself as a clean
energy utility company with an emphasis on the development, construction
and operation of its own and third party utility-scale photovoltaic
power plants. The company is focusing on photovoltaic solar power
generation in Europe, particularly in Italy, Greece and Turkey.
The Company announces its plan to develop, build and operate 500
Megawatts photovoltaic solar power generation through the end of 2013
out of which 150 megawatts is expected to be acquired by third party
investors. In addition to the proceeds from selected strategic
financiers currently in negotiations with company management, the
company will use the revenues generated out of third party projects
sales in the development and construction of its own power plants. The
company strategy is to act as a consortium leader with reputable
world-leading EPC and Module suppliers to deliver all projects on
Turnkey basis. The company aims to achieve a leading position in the
provision of solar energy.
The company has signed a frame agreement to sell 100 megawatt projects
on a turnkey grid-connected basis to a European institutional investor
and expects to very shortly finalize the definitive agreement.
The company is in the technical and legal due diligence phase regarding
licenses and land usage for additional photovoltaic power plants of 100
megawatts in Italy and 50 megawatts in Greece.
The Company is in discussion with strategic financiers for possible
financing to sustain the expansion plan of the company. The company
plans to establish a wholly-owned subsidiary in Switzerland “PSP Europe
AG” which will own the company’s European assets and manage operations.
Mr. Olivier de Vergnies, Chief Executive Officer of the company, stated,
“Our goals in the photovoltaic sector may be ambitious but they are
achievable with the right partners. Through our close cooperation with
local industry and government, we are obtaining ideal sites within
several regions for the production of electricity using PV technology.
Prime Sun Power is convinced that the solar sector will gain great
importance in Europe, not only as a technology but also as a key element
of a clean energy solution in the near future. We intend to participate
actively in that development.”
For further information please visit www.primesunpower.com
Forward-Looking Statements
This press release contains ‘forward-looking statements’ as defined in
the U.S. Private Securities Litigation Reform Act of 1995. These
statements are based upon our current expectations and speak only as of
the date hereof. These forward-looking statements are based upon
currently available competitive, financial, and economic data and
management’s views and assumptions regarding future events. Such
forward-looking statements are inherently uncertain. Our actual results
may differ materially and adversely from those expressed in any
forward-looking statements as a result of various factors and
uncertainties. Prime Sun Power Inc. cannot provide assurances that any
prospective matters described in the press release will be successfully
completed or that Prime Sun Power Inc. will realize the anticipated
benefits of any transactions. Various risk factors that may affect our
business, results of operations and financial condition are detailed
from time to time in the Current Reports on Form 8-K and other filings
made by Prime Sun Power Inc. with the U.S. Securities & Exchange
Commission. Prime Sun Power Inc. undertakes no obligation to update
information contained in this release.
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