WorldWater & Solar Technologies Corp. Signs Agreement With Prime Solar Senergy for Marketing & Logistic Support in Spain
Tuesday September 11, 3:00 am ET
Agreement is in Addition to Current Plans with M&G Promociones for Multi-Megawatt Projects 2008-2012
PENNINGTON, N.J.--(BUSINESS WIRE)--WorldWater & Solar Technologies Corp. (OTC BB: WWAT.OB - News), developer and marketer of proprietary high-power solar systems announced today that it has signed an agreement with Prime Solar Senergy, S.L. of Barcelona and Madrid to be WorldWater's exclusive representative in Spain.
Prime Solar Senergy (Prime) will act as WorldWater's marketing and logistics partner to acquire and fast-track large scale photovoltaic installations throughout Spain, such as the multi-megawatt, 5-year project announced by WorldWater with a Letter of Intent in July with M&G Promociones de Vivienda Urbana, S.A. An executive mission from WorldWater's U.S. headquarters will depart next week for Spain to meet with Prime and M&G in Madrid to negotiate final contracts with M&G to build three 10-MegaWatt (MW) farms over the next three years (10MW each year) and two additionally planned 50MW farms in the fourth and fifth years in Lorca (Murcia Province) Spain. If final contracts are successfully negotiated construction is expected to start in 2008 for the M&G project.
Quentin T. Kelly, WorldWater Chairman and CEO said, "Prime has already established a track record of successfully completing large development projects in Spain and they have numerous large-scale solar projects in their planned pipeline. When you combine their national market expertise with our proprietary technology and advanced solar engineering we bring a powerful and cost efficient business model to a dynamic growth market."
In 2005 the Spanish government approved a new Renewable Energy Plan (Plan de Energias Renovables, (PER). The plan provides incentives to achieve Spain's target of 12 percent of primary energy being generated from renewable sources by 2010. By improving the legislative environment for renewable energy, the plan is designed to attract a 23 billion euro in investment.
WorldWater owns the only patented technology that allows the operation of electric motors up to 1,000 horsepower on solar power alone. Other solar technology is limited to five to seven horsepower. |
