BOSTON--(BUSINESS WIRE)--Satcon Technology Corporation® (NASDAQ CM: SATC), a leading provider of utility-scale power conversion solutions for the renewable energy market, today announced that it has been selected by Solar Cells Hellas for the installation of 20.5 megawatts (MW) of ground-mounted PV inverter solutions for projects that will be constructed in various locations throughout Southern Greece.
Solar Cells Hellas will equip the multiple installations with Solar Cells’ crystalline PV modules and Satcon inverters. SDL Solar®, a Satcon authorized distributor, and Satcon will supply 10 units of PowerGate Plus 500kW inverters, the world’s most widely deployed utility-scale inverter, and 31 units of Equinox 500kW inverters. The PV power plants are expected to be installed and put into operation throughout 2011 with the final inverter delivery in September of 2011. The multiple installations will produce enough electricity to power approximately 8,200 homes.
Satcon’s PowerGate Plus solution family is the world’s most widely deployed utility-ready solar PV inverter with over 1.5 gigawatts (GW) installed worldwide, including over 1 GW installed of the PowerGate Plus 500 kW model alone. Equinox is Satcon’s third-generation central inverter and delivers an industry-leading 98.5% peak efficiency combined with the industry’s widest thermal operating range.
Mr. Dimitris Panagakos, Chairman of the Board of Directors of Solar Cells Hellas, stated, “Solar Cells Hellas will develop and construct a total of 170 MW of its own projects and 130 MW on behalf of its group of investors in Greece and Bulgaria through 2014. The company has secured financing from Greek banks and is committed to use Greek component suppliers whenever possible in order to support Greece’s developing PV market. Solar Cells Hellas intends to establish a long-term partnership with Satcon based on its proven reliability and efficiency in utility-scale projects.”
“As we continue to expand our global market share in each of the key large-scale solar markets, our partnership with SDL Solar enables us to drive the next generation of utility-ready solar growth in Greece,” said Steve Rhoades, Satcon's President and Chief Executive Officer. “With its attractive feed-in tariff policy and high solar irradiation levels, Greece is emerging as one of the leading markets for advanced large-scale solar installations. Together, Satcon and SDL Solar brought the industry’s most advanced technologies and system expertise to Solar Cells Hellas to realize their vision of state-of-the-art utility-scale PV power in Greece.”
Dr. Kostas Daniilidis, Managing Partner of SDL Solar, stated, “Together with Satcon, we aim to acquire a significant share of the PV market in southeast Europe through strategic partnerships, such as our existing relationship with Solar Cells Hellas.”
About Satcon:
Satcon Technology Corporation® is the leading provider of utility scale power conversion solutions for the renewable energy market, enabling the industry’s most advanced reliable and proven clean energy alternatives. For over 26 years, Satcon has designed and delivered the next generation of efficient energy systems for solar photovoltaic, stationary fuel cells, and energy storage systems. To learn more about Satcon, please visit www.Satcon.com.
About Solar Cells Hellas S.A:
Solar Cells Hellas is the first vertically integrated PV producer in southeast Europe, operating state-of-the art production equipment of the highest industrial standards to produce high quality wafers, cells and modules with an annual production capacity of 80 MWs. As a leading Greek company, Solar Cell Hellas also develops, constructs and delivers operating PV parks and will construct a total of 290 MWs in Greece and Bulgaria until 2014. For more information on Solar Cells Hellas, please visit: www.schellas.gr.
About SDL Solar:
SDL Solar is an Authorized Distributor of Satcon® inverters and a leading PV developer that is active worldwide, with its main focus being the Greek, Italian, Bulgarian and US markets. SDL Solar provides a full range of solutions for PV projects in all stages, from the development of permits and licenses, to the financing, connection, management, ownership and sale of operating PV parks. For more information on SDL Solar, please visit: www.sdlsolar.com.
Safe Harbor
Statements made in this press release that are not historical facts or which apply prospectively are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from Satcon’s expectation. Additional information concerning risk factors is contained from time to time in Satcon’s SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. Satcon expressly disclaims any obligation to update the information contained in this release.