WARWICK, RI--(Marketwire - 05/12/10) - Clean Energy and Power, Inc. (Pinksheets:KEPID - News) (www.cleanenergyandpower.com) today announced that it has completed registration of its subsidiary, Clean Energy and Power s.r.o., in the Czech Republic. By establishing this subsidiary, the Company can now move forward with acquiring Power Purchase Agreements that have been issued in the Czech Republic for solar projects that remain undeveloped due to lack of funding. With rates of $0.63 US per kWh guaranteed for 20 years by Czech Republic and European Union, these opportunities provide higher revenue than found in many other locations.
"I am very excited to have completed the registration of our subsidiary, and securing the right projects and local management," said Dennis Shen, President of Clean Energy and Power, Inc., who has just returned from a trip to Czech Republic where he spent a week completing the legal process of registration and selection of the first development project.
Simultaneously, the Company announced it is in the final stage of acquiring a small "development" solar project to be located on the roof of a commercial building in South Bohemia. "We want to complete the first development project as soon as possible," said Erwin Vahlsing, Jr., CEO of the company. "This project provides an opportunity to put in place and test all of the processes and procedures we will utilize on larger future projects."
