The company will invest $1.5m in CBD and secure a 25% share in the profits from CBD’s commercial projects currently being developed in Italy.

Westinghouse will have the option to expand its investment by an addition $1.5m and thereby increase its share in profits to 50%.

Commenting on the joint venture, Westinghouse Solar CEO Margaret Randazzo remarked that the two companies are continuing their collaborative efforts moving towards the proposed merger.

"We believe our investment in this venture further diversifies our business, and will provide incremental earnings."

CBD Managing Director Gerry McGowan added, "By partnering with Westinghouse Solar, we are able to diversify their business and provide them an attractive earnings source through their investment and participation in our Italy project pipeline. "

"Following merger closing, we intend to pursue additional EPC opportunities in Europe and the US," said McGowan.

CBD had secured a $25m credit facility in May 2012 to covers 75% of the development and construction cost of each project in Italy with the first 5MW project completed the following month.

The company is hopeful of delivering an additional five projects, each with a capacity of 5MW, starting October of this year.