Fidelis Signs 207MW Contract for Sale of Solar Modules Worth $475 Million
BEVERLY HILLS, CA, Mar 15, 2010 (MARKETWIRE via COMTEX) -- Fidelis Energy Inc. (PINKSHEETS: FDEI) ("Fidelis" or the "Company") announced today that it has entered into a long-term solar module supply agreement with TinSol Energy (pty) Ltd. (TSEL), Johannesburg, South Africa. Under the terms of the contract, Fidelis Energy will supply 207 megawatts (MW) of PV Solar modules to TSEL for use in the development and build-out of several solar parks in Africa. Fidelis will begin shipments against this contract during the first quarter of 2011. Product will ship from Fidelis's Chinese plant scheduled to come online during the fourth quarter of 2010.
Mr. Wes L. Volker, Managing Director of TSEL, commented: "We selected Fidelis as our partner for these large installations due to the benefits of the Solar Cell technology owned by Fidelis, particularly its very competitive cost and excellent performance. We look forward to a long and prosperous relationship with Fidelis as we grow our energy business in Africa."
"We are proud to announce Fidelis Energy's first multi-hundred megawatt contract," stated Mr. James Poole, CEO of Fidelis Energy. "This contract, along with the substantial investment commitment we secured in February and other imminent multi-hundred megawatt deals, will enable Fidelis to command a leadership position in the high growth solar market. We are extremely pleased to be working closely with TinSol Energy (pty) Ltd. to accelerate our growth in Africa." Mr. Poole added, "The environmental benefits of solar energy are critical to addressing the global warming challenge facing all of us. The electricity generated as a result of the deployment and use of the PV modules we will sell to TSEL will avoid the annual emission of nearly 600,000 metric tons of CO2 that would result if the electricity were generated by coal-fired power plants." Fidelis Energy announced up to $80 million of new financing in February 2010, for the purpose of expanding its photovoltaic manufacturing capacity. Fidelis plans to expand its annual manufacturing capacity by approximately 150 MW in each of the next several years.
