ATHENS, Greece--(BUSINESS WIRE)--SDL Solar (“SDL”), a leading global photovoltaic (“PV”) developer, announced today the successful development of up to 23 Megawatts (“MWs”) of Solar PV projects throughout Greece. SDL worked through its strategic alliance with SPI Solar (“SPI”) towards the signing of a Memorandum of Understanding (“MOU”) with Thermi-TANEO Venture Capital Fund (“Thermi”) and AIMS-TANEO Fund (“AIMS”) for the purpose of constructing and financing 23 megawatts of utility-scale solar energy facilities (“SEFs”) across Greece. SDL advised SPI on its entry into the Greek PV market, providing financial and deal advisory and technical oversight services. SDL introduced SPI to the TANEO Funds and structured the sale and financing of SPI’s Engineering Procurement and Construction (“EPC”) and Operation and Maintenance (“O&M”) services.
New Economy Development Fund, also known as (“TANEO”), is the largest stakeholder in Thermi and AIMS. TANEO is a Greek-state sponsored, privately funded and independently managed fund-of-funds. Thermi and AIMS make venture-capital investments in Greece and have close to 50% of their capital committed by TANEO.
SDL will provide SPI with advisory services on projects that result from the MOU. SDL will provide several services for the successful implementation of the projects, including financial underwriting, deal structuring, due diligence, and project engineering and management, while SPI Solar will provide EPC and O&M services.
“We are confident in the future of the Greek solar market and excited to work with our partner, SPI Solar, and the TANEO Funds towards the realization of these projects,” said Mike Lambros, Managing Partner of SDL Solar. “By working with Greek companies and creating local jobs, we hope to contribute to Greece’s economic development, which will have the promotion of renewable energy at its forefront. We feel that we have assembled a very strong team for the implementation of these projects in Greece.”
“Our strong alliance with SDL Solar gives us confidence that our growing number of projects in the Greek solar market will all be a success,” said Steve Kircher, CEO of SPI Solar. “All of these projects will provide local employment opportunities throughout Greece, and every new job created has a positive economic impact. Once completed, each of these solar energy facilities will add to Greece’s energy infrastructure a sustainable and environmentally friendly source of electricity.”
“We are proud to help the economic situation in Greece by investing in projects which will create new clean energy jobs and help promote a sustainable source of electricity,” said Nikos Haritakis, CEO of TANEO. Mr. Haritakis added “We are very pleased to have SDL Solar and SPI Solar as our development partners for these projects. SDL’s financial and technical expertise, coupled with SPI’s strong track record of building high quality solar projects, gives us comfort that our collaboration will be a success. We look forward to expanding this partnership to several other projects.”
About SDL Solar:
SDL Solar (“SDL”) is a leading photovoltaic solar developer with considerable experience, relationships and insights in the global PV industry. SDL provides a full range of solutions for photovoltaic projects in all stages, from the development of project rights, to the financing, engineering, management, ownership and sale of operating projects. For additional information visit: www.sdlsolar.com.
About SPI Solar:
SPI Solar (Solar Power, Inc.) (SPI) is a vertically integrated photovoltaic solar developer offering its own brand of high-quality, low-cost distributed generation and utility-scale solar energy facility development services. Through its relationship with LDK Solar, SPI extends the reach of its vertical integration from silicon to system. From project development, to project financing and to post-construction asset management, SPI delivers turnkey world-class photovoltaic solar energy facilities to its business, government and utility customers.