Premier Power Renewable Energy, Inc. (OTCBB:PPRW), a global leader
in the development and construction of solar power plants, today
announced the company has finalized a $27.6 million agreement with
Chaori Solar USA, an investment-focused subsidiary of Shanghai
Chaori Solar Energy Science & Technology Co., to build
high-performance, utility-scale solar power plants in the United
States. Construction is scheduled to begin in the first quarter of
2012.
"Our expertise in the U.S. and Europe allows Premier Power to
pursue the strategy of providing assets and construction services
to respected Chinese asset investment funds like Shanghai Chaori,"
said Dean Marks, CEO of Premier Power. "Organizations throughout
China have demonstrated an eagerness to invest in energy
infrastructure in both of these key markets. We are confident this
agreement is the first of more to come."
"With the U.S. prioritizing alternative energy, we are focused
on expanding our presence in this important market through
strategic investments," said Willy Chow, CEO of both, Chaori USA,
LLC and Sunperfect Solar, Inc., a partner of Shanghai Chaori Solar.
"Our decision to own energy infrastructure assets in the form of
utility-scale solar power plants is based on our commitment to a
U.S. market driven by both productivity and effectiveness."
Today's announcement marks Premier Power's continued
relationship with a China-based investment groups. The company
first began to target China's well capitalized investment funds in
2010 when one of its solar plants in Italy was sold to the China
Energy Conservation and Environmental Protection Group (CECEP), a
Chinese state-owned entity and the largest renewable energy
investor in the country.
Under the agreement, Premier Power will perform engineering,
procurement and construction (EPC) services using panels provided
by Sunperfect Solar, Inc. and its proprietary Energy Yield
Optimization™ service, which sets the standard for solar power
plants today. The performance ratio – a measure of efficiency for
converting the sun's radiation into electricity – of Premier Power
constructed plants routinely exceeds the market's historical
averages. Rather than approaching a solar power plant as a
construction project, the company takes the approach of building a
power plant, which must perform over the long term and deliver a
high return on investment.
Premier Power has built a strong presence in North America and
Europe through the development and construction of more than 1,000
solar projects. With utility-scale projects growing in size across
America, there is an increasing demand for providers of turnkey EPC
services with a proven track record of delivering power plant
performance.
About Premier Power
Premier Power Renewable Energy, Inc. is a leading global
provider of large and medium-scale solar power systems, delivering
unmatched experience to commercial, governmental and utility
customers globally. Premier Power designs, engineers and integrates
the solar industry's leading products. Premier Power's technologies
and services have enabled its customers to maximize clean energy
output along with project savings. Today, Premier Power designs and
deploys the most innovative solar electric systems through
market-leading innovation and exceptional customer service. Premier
Power is headquartered in El Dorado Hills, CA and has common stock
quoted on the OTC Bulletin Board under the symbol PPRW.OB.
Additional information is available at the Company's website at
www.premierpower.com.
About Chaori Solar USA and Shanghai
Chaori Solar Energy Science & Technology Co., Ltd:
Based in Delaware, Chaori Solar USA, LLC, is an investment fund
focused on expanding the U.S. solar market. Chaori Solar USA is a
subsidiary of Shanghai Chaori Solar Energy Science & Technology
Co, Ltd., one the most recognized names in producing quality solar
cells and modules, with the annual capacity of 400 MW for solar
cells and 500 MW for solar modules. Most of the panel sales and
solar farm developments are in Europe since 2003.
About Sunperfect Solar, Inc.
Sunperfect Solar, Inc. is a solar modules distributor, solar
farm project developer and management company based in Silicon
Valley, California.
Sunperfect Solar, Inc. is the exclusive solar panel distributor
for Shanghai Chaori Solar in Northern America. It also supervises
solar farm project development and management for Shanghai Chaori
Solar. We have solar module warehouses located in South San
Francisco, Gardena, California and Cranbury, New Jersey to serve
customers effectively. Our solar modules are UL 1703 certified and
shown on CEC listing.
Since 2009, Sunperfect Solar have sold modules to various
CALTRAN roof top projects in California, 306 KW roof top project in
Charlotte International Airport, North Carolina and 1MW roof top
project in a commercial building located in South Plainfield, New
Jersey. We have also developed numerous commercial and solar
farm projects in the states of Hawaii, California and North
Carolina. We will work with solar developers, integrators, equity
investors and banks to build solar renewable energy projects.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that
forward-looking statements in this release involve risks and
uncertainties that could cause actual results to differ materially
from current expectations.
There can be no assurance that demand for the company's products
will continue at current or greater levels, or that the company
will continue to grow revenues, or be profitable.
There are also risks that the company's pursuit of providing
solar solutions globally might not be successful, or that if
successful, it will not materially enhance the company's financial
performance; that the company could fail to retain key employees;
that changes in customer requirements and other general economic
and political uncertainties could impact the company's relationship
with its customers; and that delays in projects, competitive
pressures or technical difficulties could impact timely delivery of
revenues and projects; and other risks and uncertainties that are
described from time to time in Premier Power's periodic reports and
registration statements filed with the Securities and Exchange
Commission.
The company specifically disclaims any responsibility for
updating these forward-looking statements.
CONTACT: Investor Relations Contact:
(916) 939-0400
ir@premierpower.com
sales@sunperfect.com
Media Contact:
Rita Edwards
Premier Power Renewable Energy, Inc.
(916) 939-0400
redwards@premierpower.com
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