VioSolar Inc. has closed the purchase of 85% of the outstanding shares of Energeiaki E.P.E. of Tripoli, Greece. The founder and majority shareholder of Energeiaki, Stavros Papastavrou, will maintain a 15% ownership of Energeiaki, of which VioSolar Inc. will hold a right of first refusal.
‘This acquisition opens the door for VioSolar into the photovoltaic marketplace in Greece,’ states Rick Walchuk, president and CEO. ‘Greece is an excellent market place for photovoltaics, with its high insolation levels and feed-in tariffs, coupled with the government grant incentive.’
Additionally, VioSolar has appointed Bill Kanatas vice president of North American business development. Previously, he served as founder and CEO of SolarVision, based in Chicago.
SOURCE: VioSolar Inc.