Fidelis Energy Inc. has signed a definitive long-term agreement with ASD Lusiona Solar (ALS) to develop approximately 1,500 acres of land for the design, construction and operation of up to a 100 MW solar park in Spain.
The agreement formalizes the letter of intent that Fidelis announced with ALS earlier this month.
It is anticipated that the project will generate up to $350 million in revenue if fully completed. Fidelis will partner with a Spanish developer to complete the project. The transaction, which is subject to customary closing conditions and regulatory approvals, has been approved by both companies' board of directors and is expected to close in the first quarter ending March 31, 2011.
SOURCE: Fidelis Energy
