Zentric (HK), a subsidiary of Zentric has withdrawn from the engineering, procurement, and construction (EPC) agreement with Matinee Energy to build a 20MWdcp solar power plant in Arizona, US.
The EPC agreement was signed on January 7, 2012 with Matinee Energy to build the project.
Zentric president William Tien said financial commitment made by all parties involved in the project were not met.
"Although we would like to forge ahead with Matinee at this time we felt it best to redirect our resources towards other projects we have been negotiating for where we can act not only as EPC Contractor but as project developer and owner as well.
"We have up to 30MW or $30 million of solar panel inventory allocated for us at our suppliers that we can deploy in projects that have both the government permits and Power Purchase Agreement signed and approved."
Zentric CEO Jeff Mak said "We are very excited to have additional solar power plant projects under review that we can focus our resources on that we not only will act as EPC Contractor but can also maintain a large equity position."