Clear Skies Solar has announced an $8 million USD agreement with Prayag Green Solar Power Private Limited to develop and construct a two megawatt solar power project in Chitrakoot, Uttar Pradesh, India.
By closing this agreement, Clear Skies Solar has demonstrated the company's ability to overcome some of the challenges associated with international projects by solidifying its international financing structure. This has opened a pathway for the company to execute other contracts in the region, including a previously announced $20 million project to design and construct a multi-megawatt solar power system in Uttar Pradesh.
"To ensure our continued growth, we developed an aggressive international expansion plan earlier this year that was designed to take advantage of markets with a solid feed-in tariff structure in order to obtain support for renewable energy from governments in both Europe and Asia," said Ezra Green, Chairman and CEO of Clear Skies Solar.
"This strategy is already paying off; in addition to closing agreements for two projects in India, Clear Skies Solar has also recently announced a contract to design and construct a 150kW solar project in Greece - and this is just the first of several projects to be announced in the coming weeks."
Recognizing the role that solar power will play in the global search for cleaner and more abundant energy sources, Clear Skies Solar has built the infrastructure necessary to support this type of international expansion and to develop large-scale projects at an accelerated pace in order to support global power needs. Our world class management team has been expanded to meet the extreme growth we are experiencing.
"International projects have become increasingly important to our growth strategy at Clear Skies Solar," continued Green.
"We have structured our international business model in a manner that enables us to move quickly through the various international channels, allowing us to rapidly execute on our contracts. In fact, we expect to begin the engineering phase of this project by the end of the fourth quarter of 2008."
Clear Skies Solar will provide the technology, engineering and construction services needed to create the PV project and will also be prepared to provide the operation and maintenance services needed.
Source - Solardaily
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