Prime Sun Power Plans 500 MW Of Solar Development In Europe

Prime Sun Power Inc., a utility company with offices in Zurich, Switzerland, and New York, says it plans to focus on the development, construction and operation of its own and third-party utility-scale photovoltaic power plants.

The company is targeting photovoltaic solar power generation in Europe, particularly in Italy, Greece and Turkey. Specifically, Prime Sun Power will develop, build and operate 500 MW of photovoltaic solar power generation through the end of 2013 – out of which 150 MW 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 project sales in the development and construction of its own power plants.

Prime Sun Power has signed a frame agreement to sell 100 MW 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 MW in Italy and 50 MW in Greece.

SOURCE: Prime Sun Power

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