DayStar Technologies,
Inc. DSTI has entered into a lock-up agreement to acquire
solar projects from Arxikon Construction Company in Greece. The 7
parks are 1MWp each and are located in industrial areas in Northern
Greece. Electricity revenues from the projects are through long-term
feed in tariff contracts and will cash flow approximately $75,000,000
Euros over 20 years (beginning at approximately $3.9M Euro per year).
The electricity sales contracts have a consumer price index increase
clause. This lock-up agreement allows DayStar 200 days to complete
its due diligence, regulatory approvals, and financing.
These solar parks have an asset value of approximately $21,000,000
Euros base on yielding a 15% IRR, and estimated annual power
production of 10,850 MWh per year. Each of the solar parks were constructed with Bosch monocrystalline solar cells and SMA Inverters
and are fully equipped with data acquisition systems for 24/7
monitoring.
Lorne (Mark) Roseborough, DayStar's President, stated, "We are very
pleased with the prospects of this acquisition as we continue to
establish our global footprint in the Renewable Energy Sector. The
Rating agency Standard and Poor's has recently upgraded Greece's
sovereign credit rating to stable, creating an excellent opportunity
for the acquisition of these types of infrastructure assets."
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