Premier Power Breaks Ground on First Solar Project in Southern Italy
Submitted by SmallCapVoice.com
Sep. 9, 2009 (Business Wire) — Premier Power Renewable Energy (OTCBB:PPRW) announced today that it has broken ground on the first phase of its 20 mega watt (MW) solar pipeline in Italy.
Premiers Power’s first phase projects are located in the Puglia region of southern Italy and are the first in a series of projects valued in excess of $100 million that are being developed as a result of Premier Power’s acquisition of Arco Energy in July 2009. Arco Energy is an Italian solar project developer, EPC and distributor.
The Company expects the first fixed ground mount solar installation to be completed by October 2009. The project will utilize crystalline modules provided by Canadian Solar and inverters from Power One. The Puglia installations will be installed using environmentally friendly racking, ensuring minimal disruption to the land and surrounding environment.
“Italy is no doubt the hottest market in the world today and we are excited to be in the center of the action and perfectly positioned for outstanding growth over the next 12 to 24 months,” said Miguel De Anguin, COO of Premier Power. “Premier Power has moved a number of its senior managers from the US to Italy in order to assist the local Italian team in meeting the growing demand.”
Gestore dei Servizi Elettrici (GSE), the state-run Italian power management agency, expects total installed PV power in Italy will reach 900 MW by the end of 2009, representing 100% growth compared to 2008 and a potential market size of over 4 billion Euros. GSE expects the Italian market to grow to 1500 MW in 2010. The attractive feed-in tariff in Italy is setting the stage for Italy to become the second largest PV market in the world, behind Germany.
“We are very excited to have broken ground on our first solar project in Italy as Premier Power,” said Marco Pulitano, CEO of Premier Power Italy S.p.A., and formerly CEO of Arco Energy. “Italy is expected to experience tremendous growth over the next several years and we are poised to benefit from that growth. Premier Power’s expertise in the design, engineering and construction of commercial and utility scale solar systems, coupled with Arco Energy’s portfolio of permitted projects in Italy, positions Premier Power to capitalize on these opportunities and become a leader in this fast-growing market.”
About Premier Power
Premier Power Renewable Energy, Inc. is a leading global provider of large and small-scale solar power systems, delivering unmatched experience to commercial, governmental and residential customers throughout North America and Europe. Premier Power designs, engineers and integrates the solar industries 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 trades on the OTC Bulletin Board under the symbol PPRW. Additional information is available at the Company’s website at www.premierpower.com.
FORWARD-LOOKING STATEMENTS
This release contains certain “forward-looking statements” relating to the business of Premier Power Renewable Energy, Inc. (“Premier”), which can be identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to reliance on a limited number of customers, market demand, cyclical nature of our markets, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on Premier’s current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting Premier will be those anticipated by Premier. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. Premier undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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