The company has several engineering, procurement and construction (EPC) contractors and PV array module suppliers bidding for the construction, installation and connection of the power plant to the regional electricity grid in Italy.
Construction is targeted to begin in June 2010. The first electricity sales from the PV plant projects under the Italian feed-in-tariff regime are expected to commence during the fourth quarter of 2010.
Olivier Vergnies, CEO of Prime Sun Power, said: “We have commenced the phase for monetization of our business model in the photovoltaic sector. The success of signing our first 25MW PV sales contract not only exhibits the effectiveness of our strategy, but also demonstrates our company project development capabilities and delivery of value to our shareholders.
“We intend to engage world leading EPC and module suppliers to guarantee on-time project delivery and project-outsourcing in order to close additional definitive sales agreements before the end of April 2010.”
Prime Sun Power plans to develop, build and operate 500MW of PV solar power generation through the end of 2013, of which 150MW are expected to be acquired by third party investors. The company also plans to use revenues generated from sales of projects to third parties in the development and construction of its own power plants.
