VioSolar Inc. has signed an irrevocable memorandum of understanding with a privately held Greek corporation to purchase 85% of its shares.
The target company has 100 kW of production and licenses to build an additional 1 MW, with 200 kW in the construction phase.
‘Greece is an excellent market, with its high feed-in tariffs and government grant policy,’ says Rick Walchuk, president and CEO of VioSolar. ‘We are also pleased that the founder and majority shareholder of the target company will remain as an integral part of the company. His knowledge and experience will be a valuable asset for VioSolar Inc. going forward.’
Closing of the transaction is expected to take two weeks, at which time VioSolar expects to release further details.
SOURCE: VioSolar Inc.