T-Solar Group Closes Agreement With Global Ecopower to Develop 120MWp in France Within Three Years

Jan 27, 2010, 08:43 ET from T-Solar

MADRID, January 27 /PRNewswire/ -- Spanish T-Solar Group, a leader in the South of Europe in the photovoltaic electric power generation market - in terms of installed capacity - has just sealed an agreement with French Global Ecopower to jointly develop 120 MWp in France over the next three years.

The promotion, construction and operation of these photovoltaic plants will be through a joint venture, called T-SEP and formed on a 50-50 basis by Global EcoPower and T-Solar.

The joint venture will benefit from the established regulatory framework in France for solar installations, in place during the next three years. The French Government officially published on January 12th very attractive feed-in-tariffs for ground (31.4cEUR/Kwh plus indexation) as well as roof top installations (between 42cEUR and 50cEUR/Kwh plus indexation), with an obligation to buy the production for 20 long years.

The two companies therefore see this strategic alliance as benefiting and expediting their respective plans for growth. By virtue of the agreement, the power plants promoted by this joint venture will be insured by the German Allianz company.

T-Solar Group is a leader in the south of Europe in photovoltaic solar energy generation - in terms of installed capacity. The company has invested over 1 billion euros in getting a business project under way, taking in all links in the photovoltaic sector's value chain: manufacturing the largest modules on the market (5.7 m2) with cutting-edge thin-film hydrogenated silicon technology at its plant in Orense (Galicia) and has 28 photovoltaic power plants currently operating in Spain, with an installed power of 143.39 MWp, having produced, in 2009, a total of 218 GWH (enough power to meet the annual demand of a population of 200,000 inhabitants). Additionally, they currently have 14 power plants in the development stage in Spain and Italy, totaling an installed power of 25 MWp. T-Solar has generated to date 224 jobs.

Global EcoPower has resolved to concentrate its activities on the development, construction and operation of solar projects in France, where it is currently developing 36 projects representing a potential installed capacity of 270 MWp, mainly in the South of France. The group's strategy is to keep 50% of the plants for its own account and to sell the remaining 50% to third parties.

http://www.tsolar.eu

SOURCE T-Solar