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Clean Energy and Power, Inc. (PINKSHEETS: KEPI) (www.cleanenergyandpower.com) announced today it has acquired its first solar project in Europe. As disclosed in May, projects in the Czech Republic carry rate guarantees by both the Czech government and the European Union for 20 years.
Clean Energy and Power Inc. signed an acquisition agreement and released funding to immediately acquire the equipment necessary to complete the project located in a Southern part of the Czech Republic. The project should break ground this week and is scheduled to be completed by the beginning of July. "This first project is important to our continued development of business in the Czech Republic and ultimately, Europe as a whole," said Mr. Erwin Vahlsing, Jr., CEO of the company.
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Clean Energy and Power Negotiating Acquisition of 3 Megawatt Solar Project in Bulgaria
Marketwire "Press Releases " WARWICK, RI -- (MARKET WIRE) -- 06/23/10 -- Clean Energy and Power, Inc. (PINKSHEETS: KEPI) (www.cleanenergyandpower.com) today announced it has entered into exclusive negotiations to acquire a controlling stake in a 3 megawatt solar project in Bulgaria, a member of the European Union.
CEP is taking the opportunity to gain an early entrance to the Bulgarian market place for these energy projects. The recent announcement by Bulgaria and European Energy Commission to approve the details of a solar program which will last for the next several years includes a 25-year guaranteed off-take price (purchase price by the utility) in the amount of $0.56 US per kWh. "The boom in European solar development is continuing and the next country to lead these efforts is Bulgaria. We feel it is of paramount importance for us to be first on the ground as we continue our solar development efforts in Europe," said Mr. Erwin Vahlsing, Jr., CEO of the company.
"Bulgaria offers an exciting opportunity to Clean Energy and Power with its 25-year price guarantee of $0.56 US per kWh to start with, and then we add onto that some of the highest sun-hours per year in Europe. Compared to our existing installation in the Czech Republic the same panel in Bulgaria will give us an additional 20% more electricity and the resulting revenue," said Mr. Dennis Shen, President of the Company and the Chief Operating Officer of CEP's European subsidiary Clean Energy and Power s.r.o. Mr. Shen is directly in charge of the negotiations taking place between CEP and 3 Bulgaria project developers: a local Bulgarian real estate company, an Austrian solar developer who would be one of the joint venture partners, and Glass Time s.r.o (www.glasstimeeurope.com), a Czech-based solar project developer. "Glass Time, being the lead developer on the project, continues to bring to CEP an ongoing stream of projects and we are excited about the relationship that will be undertaken between Glass Time and CEP," said Ms. Elena Kotunova, managing director of CEP in the Czech Republic and a former operations manager of Glass Time.
About Clean Energy and Power
The Company is focused on alternative energy opportunities. The Company is dedicated to acquiring fully developed environmental projects and putting them into production. www.cleanenergyandpower.com.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward looking statements, including, among others, the following: reduced or lack of increase in demand for the Company's products, competitive pricing pressures, and the level of expenses incurred in the Company's operations. The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
Contact:Clean Energy and Power, Inc.Erwin Vahlsing, Jr.CEOTel: (401) 648-0803Fax: (401) 648-0699evahlsing@cleanenergyandpower.comwww.cleanenergyandpower.com
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