The company will partner with a Spanish developer to complete the project, and it is anticipated that the project will generate up to $350m in revenue if fully completed.
The transaction, which is subject to customary closing conditions and regulatory approvals, has been approved by both companies’ board of directors and is expected to close in the first quarter ending March 31, 2011.
Fidelis Energy is focused on developing, constructing and operating solar energy projects exclusively or in partnership with other energy companies.
The company is also in the development stage of designing solar photovoltaic cell technology products and plans to manufacture and distribute these products in the future.
