July 27, 2011 - 2:15 PM EDT
OPEL Solar and LIMEN SA Partner With Two, 1 Megawatt Orders
High Concentration Photovoltaic Solar Power Lights the Italian Market
Jul. 27, 2011 (Marketwire) --
SHELTON, CONNECTICUT and TORONTO, ONTARIO -- (Marketwire) -- 07/27/11 -- OPEL Solar International Inc. (TSX VENTURE:OPL) ("OPEL" or "the Company"), a leading global supplier of high concentration photovoltaic ("HCPV") solar panels and other solar products including ground based and rooftop tracker systems, announced today the signing of an Agreement to supply two HCPV solar power plants in Italy. Each solar utility plant will be approximately 1 MW HCPV power installations that will be built in Sicily, Italy. The orders combined revenue to OPEL approach five million dollars.
Beginning delivery in late 2011, these orders for OPEL's HCPV solar modules spotlight HCPV solar in Italy. The solar plants will be eligible for receiving the CPV Feed-In Tariff of the Italian Government, which is EUR0.31/kWh currently for systems of this size, in addition to the market value for the sale of the electricity produced. According to a July feature article in Renewable Energy Focus.com, the installed base for CPV in Italy is targeted to attain 320 MWs by 2015.
Going forward, OPEL Solar and LIMEN shall have a close collaboration for the preparation, the construction and the commissioning of CPV solar power plants. To date, LIMEN has developed a multi-megawatt pipeline of CPV projects in Sicily and Sardinia.
"The collaboration between OPEL and LIMEN in the Italian CPV market represents significant value growth for OPEL Solar's stakeholders because of the HCPV potential in the Italian market," said Leon M. Pierhal, CEO of OPEL Solar International. "The Italian climate is ripe for CPV; it is one of the best areas in the world for our solar technology to be deployed."
"We are very pleased to partner with OPEL Solar in building CPV solar utility plants," said Roberto Petti, Ph.D., head of the renewable energy division of LIMEN SA. "We believe OPEL Solar has the proven HCPV solar technology to be a market leader in Italy. Bringing an advanced solar energy technology to customers allows them to maximize their return on investments in green technology."
The OPEL Solar HCPV module is called the Mk-I, and it is a high performance, reliable, cost effective product designed for utility grade grid-connected solar systems in medium to high solar irradiance climates. The high efficiency of the OPEL HCPV panel results in significantly higher power generation per unit of area when compared with both silicon flat panel and thin film installations.
About LIMEN SA
LIMEN SA is a joint-stock company with principal place of business located in Geneva, Switzerland, operating in the fields of real estate and renewable energies. LIMEN has a wide experience on photovoltaic energy with the design, development and deployment of utility power plants with sizes ranging from small private installations to multi-megawatt projects for commercial applications and municipalities. LIMEN distributes and markets solar products for both CPV and PV systems, including trackers, inverters and solar panels based upon different technologies. LIMEN directly owns and manages solar projects and offers customized energy solutions and investment opportunities to third parties. For general information and contacts, please visit LIMEN's website at www.limen.ch.
About OPEL Solar International Inc., OPEL Solar, Inc. and ODIS Inc.
With operations in Shelton, CT and head office in Toronto, Ontario, Canada, OPEL, through OPEL, Inc., designs, manufactures and markets high-concentration photovoltaic panels and dual- and single-axis trackers for related CPV and PV systems for energy applications worldwide. OPEL, through ODIS Inc., a U.S. company, designs III-V semiconductor devices for military, industrial and commercial applications, including infrared sensor arrays and ultra-low-power random access memory. OPEL has 35 patents issued and 12 patents pending in PV systems technologies and for its semiconductor POET process, which enables the monolithic fabrication of integrated circuits containing both electronic and optical elements, with potential high-speed and power-efficient applications in devices such as servers, tablet computers and smartphones. OPEL's common shares trade on the TSX Venture Exchange under the symbol "OPL". For more information, please visit OPEL's website at www.opelinc.com.
Dated: July 27, 2011
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning OPEL's anticipated operational plans and activities including the revenue and growth outlook.
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding future growth, plans for and completion of projects by OPEL's third party relationships, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of OPEL's anticipated projects, delays or changes in plans with respect to the development of OPEL's anticipated projects by OPEL's third party relationships, risks affecting OPEL's ability to execute projects and market its solar products, risks inherent in operating in foreign jurisdictions (when applicable), the ability to attract key personnel, and the inability to raise additional capital. Additional assumptions and risks are set out in detail in OPEL's Annual Information Form, available on SEDAR at www.sedar.com.
Although OPEL believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in OPEL's securities should not place undue reliance on forward-looking statements because OPEL can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and OPEL assumes no obligation to update or revise this forward-looking information and statements except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
OPEL
Pat V. Agudow
Vice President, Public Relations
+1 (203) 612-2366 x2612
p.agudow@opelinc.com
ICR - Investor Relations
Gary Dvorchak, CFA
Senior Vice President
+1 (310) 954-1123
gary.dvorchak@icrinc.com
ICR – Public Relations
Theodore Lowen
Managing Director
+1 (646) 277-1238
ted.lowen@icrinc.com
Source: Marketwire (July 27, 2011 - 2:15 PM EDT)
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