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Prime
Sun Power Inc. ("PSP") Signs a Co Development and Acquisition Agreement for 100
Megawatt Photovoltaic Power Plants Project in France for 2011
Oct. 13,
2010 (Business Wire) -- Prime Sun Power Inc. (OTCBB/New York: PSPW and
Xetra/Frankfurt: PSD), announced today that it has entered into a Master
Acquisition Agreement with DFD Select Group Ltd. and EnWay SAS (“DFD/EnWay”), a
Financial Advisory Company specializing in capital preservation and EnWay an
Operational Coordinator in the renewable energy industry, to co-develop up to
100 Megawatts (MW) of photovoltaic (PV) plants in France in 2011.
Under
this agreement, PSP and DFD/EnWay will jointly develop the 100Mw power plants
until Grid connection. PSP plans to acquire and operate the Grid connected power
plants as a long term company asset. Both parties agree that, where possible,
some of the modules for the PV-Plants will be provided by strategic partners or
suppliers pre-selected by PSP.
The 100
MW power plants will be allocated on land identified by DFD/EnWay in the region
of “Arles” and “Castres” in the South of France. Engineering, procurement,
construction and installation (EPCI) contracting and long term financing will be
provided by major French institutions currently in discussions with
PSP.
“The French market provides
attractive energy output levels as well as rewarding investment returns.
DFD/EnWay have substantial knowledge about the licensing procedures and have
excellent relationships with prime landowners and regional authorities. The
projects’ indicative profitability and key financials are promising. In addition
to the Italian market, this step accelerates the projected growth of PSP as a
utility-scale PV power plant developer and operator” said Mr. Olivier de
Vergnies, CEO of PSP.
“PSP has an impressive business
model and experienced management. We are pleased to participate in
their vision and jointly establish a major project portfolio in France
“said Mr. David Tucker, Chief Executive Officer of DFD and Mr. Jean-Pierre
Philippe, Chief Executive Officer of EnWay.
PSP is in
the process of appointing a major European investment bank with successful
global track record in clean energy sector for the equity and capital raising of
up to €160 Million required for the development, construction and installation
of 225Mw of PV-Power Plants which PSP has in its pipeline in Italy, France and
Greece. PSP has exchanged communications with the bank which has indicated keen
interest to accept the mandate. PSP expects to disclose the details of the
financing upon completion of the due diligence related to closing the final
agreement. The bank considers PSP projects pipeline interesting for its client
base which includes financial investors (such as infrastructure funds focused on
renewable), institutional investors (e.g. insurance companies), and strategic
investors looking to secure downstream pipeline (such as module manufacturers),
utilities and IPPs as well as industrial companies interested in diversifying in
the renewable space.
PSP has
also received a term sheet for the financing of its solar power plant projects
in Italy on a leasing basis providing 80% of the investment cost.
About DFD
and EnWay:
DFD
Select Group Limited was created in 1996 and has been acting as an Investment
Manager. Throughout many years the Principals of DFD have been actively engaged
in the creation, promotion, marketing and operation of Hedge Funds, Funds of
Hedge Funds, and Structured Notes developed together with leading international
banks, and Real Estate financial products. DFD acted as a financial advisor to
Lyxor Asset Management for a series of guaranteed Bonds issued by Société
Générale with a notional value of over $450 million. DFD launched 4 Bonds
guaranteed by Crédit Lyonnais and invested into DFD’s Fund of Funds. DFD created
and managed the Rubicon Fund, for exclusive investment by BNP-Paribas, a multi
strategy Fund of Funds listed and domiciled in Dublin as well as the InnoHedge
Fund for investment by Barclays Bank PLC. DFD launched 35 structured notes
totaling over $750 million guaranteed by Barclays. As DFD’s mission and first
priority is the preservation of client capital, it is now active in the
renewable energy business and has a unique portfolio of Photovoltaic plants
projects in France through a Joint Venture with the French company Enway
SAS.
EnWay is
a development company, which coordinates financial, industrial, and operational
partners. It has a portfolio of both French and international projects. EnWay is
an “architect of solutions” in the field of renewable energies. Enway’s mission
is to promote and manage turn-key solar projects by introducing and acquiring
commercially viable surfaces for solar projects, validating the economic
interest of the projects and overseeing and coordinating the relationship with
the industrial operators, the investors, the financing institutions, the
suppliers, the land owners and the administrative officials.
About
PSP:
PSP 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
plans to develop, build and operate 500 megawatts of photovoltaic solar power
generation through the end of 2013 of which 150 megawatts are expected to be
acquired by third party investors. In addition to Company expectation of
proceeds from selected strategic financiers currently in negotiations with
Company management, the Company plans to use revenues generated from sales of
projects to third parties 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 a turnkey
basis. The Company aims to achieve a leading position in the provision of solar
energy.
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. PSP
cannot provide assurances that any prospective matters described in the press
release will be successfully completed or that PSP 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 PSP with the U.S.
Securities & Exchange Commission. PSP undertakes no obligation to update
information contained in this release.
For
further information please visit www.primesunpower.com
Olivier
de Vergnies
Chief
Executive Officer
Telephone:
+41-44-575-9000
info@primesunpower.com
Source:
Business Wire (October 13, 2010 - 7:04 AM EDT)
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