KEPI news:
Clean Energy and Power Signs Contract With Glass Time s.r.o., a Czech Republic-Based Solar Farm Development Company, to Jointly Construct and Operate Solar Farms Providing Green Energy to the Czech Republic Electrical Grid Beginning in 2010
WARWICK, RI--(Marketwire - February 17, 2010) - Clean Energy and Power, Inc. (PINKSHEETS: KEPI) (www.cleanenergyandpower.com) announced today it has signed a joint project development agreement with Glass Time s.r.o., a Czech-based solar development company to jointly develop and construct solar farms in the Czech Republic. The first project is scheduled to begin upon completion of the land lease which is in process. "Glass Time s.r.o. will be contracted to obtain all permitting and put together shovel-ready projects. We intend to get commitments from a bank for financing up to 70% of project investment costs from one of three top 10 EU banks. Glass Time s.r.o. currently has several solar off-take agreements with a large multibillion dollar European utility E-ON (www.eon.cz) at $0.63 cents (US equivalent) per kw for 20 years secured by the Czech Government and European Union," stated Dennis Shen, President of Clean Energy and Power (CEP).
Mr. Shen further commented, "We feel this is an excellent and highly secured beginning for Clean Energy and Power to get its revenue going; I have been following Glass Time s.r.o.'s progress since 2008 and am very familiar with their business model. This is perhaps the quickest and most secure opportunity to bring positive cash flow resulting in near term profits for CEP."
"This is the first of many revenue generating opportunities that are now under development for Clean Energy and Power," continued Mr. Shen, "and we are anxious to move on them as quickly as we can." Joint efforts with Glass Time s.r.o. could lead to profitability for CEP as early as this summer and prepare CEP's entry and expansion into a 12 mWh 2010-2011 solar farm development plan covering the Czech Republic, Slovakia, and Bulgaria.
To implement its joint projects, Glass Time's selection of a highly regarded Czech-based engineering company EGE Spol s.r.o (www.ege.cz/index.php) has been approved to get projects moving. EGE Spol s.r.o. has over $80M in service revenue and 600 employees, with ongoing expertise and specialization in solar construction, deployment, and project operations & maintenance.
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