Under the collaboration agreement, Day4 will provide Berkley with solar panels and related equipment plus consulting services for the construction and maintenance of solar power projects in Italy and Greece.

Berkley will provide financing, receive ongoing revenue from the projects and also act as a sales agent for Day4’s solar panels.

With the new renewable energy initiative, Berkley expects to develop a minimum of 30MW of solar farms by the end of 2012.

Berkley said it is also marketing Day4 panels in Greece through a sales representation agreement.

Construction of the initial solar project is expected to begin in May this year.

The companies said power generated by solar energy in both countries can be sold to power grids for up to 20 years.