Warwick, R.I.-based Clean Energy and Power Inc. has signed a letter of intent to acquire an 80% interest in Glass Time SRO, its previously announced joint-venture partner for development of solar projects in the Czech Republic.
The acquisition of the interest will be accomplished through an exchange of stock of the companies.
‘We pursued this opportunity because we believe this to be an ideal location due to the high power purchase agreement that had been issued in the area – $0.63/kWh guaranteed for 20 years by the Czech Republic and the European Union,’ says Erwin Vahlsing Jr., CEO of Clean Energy and Power. ‘Our agreement calls for us to provide 1,240 kWh per month.’
SOURCE: Clean Energy And Power Inc.