ContourGlobal Enters Joint Development Agreement With Guascor Solar and Places First 6 MW Solar Facility Into Operation

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MILAN, Dec. 21, 2010 /PRNewswire/ -- ContourGlobal and Guascor Solar today jointly announced that they have signed an agreement to co-develop 30 MW of photovoltaic projects in Italy and that their first facility, a 6 MW photovoltaic plant in Sabaudia, has been placed into service.  Under the agreement, ContourGlobal and Guascor Solar will co-develop the solar facilities to be owned and operated by ContourGlobal and constructed by Guascor Solar. In addition to the facility in Sabaudia, Italy, the next project in the pipeline are 8.5 MW in Sicily that is expected to break ground in early 2011.

Joseph C. Brandt, ContourGlobal's President and Chief Executive Officer, said: "We are very excited to enter into this joint development agreement with Guascor Solar and place into service this substantial project. Our teams complement one another very well and we are looking forward to realizing together our substantial pipeline in 2011."

Jon Azua, Vice President and Chief Executive Officer of Grupo Guascor, said: "This is an extraordinary opportunity for both groups' cooperation and development. We expect this first experience in solar photovoltaic energy to be a promising starting point for future collaborations involving the complete the portfolio in renewable energy and power system Grupo Guascor can offer."  

About ContourGlobal

ContourGlobal is a power and energy operating and development company headquartered in New York with approximately 900 employees worldwide and over 1,300 MW of capacity in operation, under construction, or in active development in a diverse set of markets including the United States, the European Union, Brazil, Colombia, Togo, Rwanda, Nigeria and Ukraine. The Company develops and operates electric and combined heat and power businesses around the world for both governments and multinational companies. ContourGlobal focuses both upon high-growth, under-served markets and innovative niches within developed markets – such as renewable energy and combined heat and power. For more information please visit ContourGlobal on the Web at http://www.contourglobal.com/.

About Guascor

Grupo Guascor is an industrial corporation specialized in customized energy solutions based on renewable energies and power systems with a significant know how in energy resources. Grupo Guascor has a 1.300 employees spread out all around the globe and has installed more than 1,500 MWs. Grupo Guascor is a company that is able to give a complete answer to the rapidly changing renewable energy world, ranging a broad spectrum of activities within the value chain and providing global solutions (solar energy, wind energy, bioenergy, hydro) and meeting demand for energy technology and power system integration. For more information please visit Grupo Guascor on the Web at http://www.guascor.com/.

SOURCE ContourGlobal