U.S. Basic Solar To Buy 10 MW of Solar Modules from 1SolTech for Bulgarian Project
U.S. solar power plant development company Basic Solar will buy 10 megawatts (MW) of solar modules from U.S. producer 1SolTech for a solar power plant project in Bulgaria, Basic Solar said.
“We selected 1 SolTech to supply [photovoltaic] PV solar panels for this project because its products are of extremely high quality and high performance and because they are American made,” Basic Solar president Rodney Kincaid said in a statement released on Monday.
Financing for the deal was arranged by U.S.-based Balmoral Capital Holdings (www.balmoralcompanies.com), which is the financing arm of integrated solar power plant development company Balmoral Bulgaria SPV. The holding group focuses on identifying, financing and advising emerging growth companies.
However, financial terms were not disclosed.
U.S.-based Balmoral Capital Holdings entered the Bulgarian renewable energy market last year by signing a deal with local engineering company Apex Solar for the development of 18 photovoltaic power plants in the Black Sea country. The solar farms are being developed for panel delivery in early 2010. The different plants will be 1.0 MW to 5.0 MW for a total of 144 MW, Balmoral has said back in July 2009. Under the deal Apex Solar will install the plants and provide its engineering support for a 25-year period.
Apex Solar (www.apexexperts.com) is expected to coordinate the building and installation of this and 50 photovoltaic power plants, now in various stages of development in Bulgaria. This is the first phase of a two-year process, Basic Solar said.
“This is an important deal for 1 SolTech as it validates the competitiveness of our U.S.-made products. [...] It also demonstrates the value PV technology can bring to countries wanting to adopt renewable energy generation,” co-founder and chief executive officer of 1 SolTech Sandy Fardi said in the Monday statement.
The solar modules of 1 SolTech are rated investment-grade both in output power and their ability to withstand hail and wind damage, making them ideal for industrial and utility applications. 1 SolTech (www.1soltech.com) is one of the few U.S.-based developers and manufacturers of solar modules.
The construction of solar and wind parks gained momentum in Bulgaria following the country's entry in the European Union in 2007. Bulgaria must cover 11% of its gross domestic energy consumption with electricity from renewables by the end of 2010, compared to less than 10% at the end of 2009, and should increase this share to 16% by 2020.