Fidelis One Step Closer to Building 100-Watt Solar Park

MADRID — Fidelis Energy Inc. announced today that it has signed a long-term agreement with Spanish company ASD Lusiona Solar to develop approximately 1,500 acres of land for the design, construction and operation of a 100-megawatt solar park in Spain.

 

The agreement formalizes the Letter of Intent Fidelis announced with ASD Lusiona earlier this month. The project is expected to generate up to $350 million in revenue if completed.

 

The transaction, which is subject to customary closing conditions and regulatory approvals, has been approved by both the board of directors of both companies and is expected to close in the first quarter ending March 31, 2011.

 

Fidelis plans to build the solar park in conjunction with a Spanish developer. It has not yet announced the name of the developer.