Dec 1 2010
Fidelis Energy Inc. (PINKSHEETS: FDEI) today announced it has signed a definitive long-term agreement with ASD Lusiona Solar ("ALS") to develop approximately 1,500 acres of land for the design, construction and operation of up to a 100 MW solar park in Spain.
The agreement formalizes the Letter of Intent Fidelis announced with ALS on November 15, 2010 said Fildelis President James Poole. "This ALS agreement is another important milestone for Fidelis," James said. "The fact that ALS has agreed to move forward affirms the potential our proprietary technology holds for the renewable energy and solar industry."
It is anticipated that the project will generate up to $350 Million in revenue if fully completed. Fidelis will partner with a Spanish developer to complete the project. The transaction, which is subject to customary closing conditions and regulatory approvals, has been approved by both companies' board of directors and is expected to close in the first quarter ending March 31, 2011.
Source: http://www.fidelisenergyinc.com