Newsletter View

Newsletter July 2012


SPI Solar Contracts with Thermi-Taneo

SPI Solar, a leading vertically integrated photovoltaic (“PV”) solar developer, announced that the company will serve as the EPC contractor for the design and construction of 7.4 megawatts in Greece.

The company recently entered a purchase agreement with Thermi-Taneo Venture Capital Fund (“Thermi”) who will buy ownership of the three projects in the Evros region of Greece from SPI. Under the terms of the agreement, SPI is selling each of the three projects, which include land-lease agreements and related permits to build the three solar energy facilities (“SEF”).

Thermi is part of the New Economy Development Fund known as the Taneo Fund, which is the largest shareholder of Thermi. The Taneo Fund is a Greek- state sponsored, privately funded and independently managed fund-of-funds which makes venture-capital investments in Greece.

“We are very pleased to be working with Thermi on the development of these initial projects in Greece,” Said Steve Kircher, CEO for SPI Solar. “Beyond these three projects, we look forward to working with the team at Thermi-Taneo Venture Capital Funds as we work together to expand our development plans across Greece.”

“We are happy to have SPI Solar as our development partner for these projects,” said Nikos Haritakis, CEO of the New Economy Development Fund. “It is a privilege to be able to help my country with new clean energy jobs and to be able to provide a reliable and sustainable source of electricity we all can benefit from.”

“We look forward to executing these projects with SPI Solar,” said Vassilis Takas, President of the Thermi-Taneo Venture Capital Fund. “This initial 7.4 megawatts is a nice start as we work together with SPI to bring even more solar energy to Greece.”

SPI is also working with its local sales representative and distributor, SDL Solar, which is providing advisory services on the projects ("SDL”). “We are excited to work with SPI Solar and Thermi on the completion of these projects,” said Mike Lambros, Managing Partner of SDL Solar. “Through our combined efforts, we are working to contribute to Greece’s continued economic development.”

The projects, all of which will be ground mount systems, are scheduled for completion in Q2 and Q3 2012.

New Electricity Link: Greece, Cyprus, Israel
PPC Quantum of Cyprus officially announced the commencement of work for the electricity link between Israel, Cyprus and Greece, and asked for the cooperation of the Regulatory Authorities for Energy of Greece and Cyprus.

This is an ambitious project with a budget between 1.5 and 2 billion Euros, the first ever regarding the energy link of the three countries, and is directly related with the discovery of natural gas deposits in the Eastern Mediterranean. The first target is exporting electric energy produced in Cyprus and Israel to Greece and Europe. The electricity will be produced by units using natural gas as fuel that will be extracted in the region.

EuroAsia Interconnector, as the project is known, involves the construction of an underwater cable 1,000 kilometres, or 540 nautical miles long, with three individual links.

PPC Quantum Energy Limited Project, a Greek-Cypriot consortium and a subsidiary of Greece’s PPC, has the management of the project, with the participation of Cypriot Quantum Energy, of the Bank of Cyprus and of Israel’s state electricity company, IEC, which has described the link as a project of national priority.