Clean Energy and Power, Inc. announced today it has acquired its first solar project in Europe. As disclosed in May, projects in the Czech Republic carry rate guarantees by both the Czech government and the European Union for 20 years.
Clean Energy and Power Inc. signed an acquisition agreement and released funding to immediately acquire the equipment necessary to complete the project located in a Southern part of the Czech Republic. The project should break ground this week and is scheduled to be completed by the beginning of July. "This first project is important to our continued development of business in the Czech Republic and ultimately, Europe as a whole," said Mr. Erwin Vahlsing, Jr., CEO of the company.
Mr. Dennis Shen, President of the company and Chief Operating Officer of CEP's subsidiary that was created for the European projects, Clean Energy and Power s.r.o. is travelling to Czech Republic to oversee all aspects of the deployment. "I want to be with the project through its completion," said Mr. Shen. "It is an important first step in our entry into the European solar market. I am excited to see our progress in such a short time frame. Our solar power off-taker (power purchaser) is the largest utility in Europe, a $60B energy company called E-On. With E-On as our partner (http://www.eon.com/en/businessareas/35172.jsp), we plan to complete the project on time and turn the first power to the Czech grid by the end of this month." While the revenue from this initial project will be nominal, it sets the stage for the much larger deployments that the Company is finalizing and expects to deploy shortly.
During his visit, Mr. Shen is expected to appoint the administrative personal including the CEO required to oversee future deployments through our subsidiary. In addition, he will personally oversee all the administrative measures required for the current projects commissioning.
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