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China in USD 27m deal to bring solar plants to US

Chinese investment will see solar energy plants constructed this year

The China and US contract will see solar energy plants constructed this year
The China and US contract will see solar energy plants constructed in the US this year

China and US energy companies have signed a USD 27m deal to build high-performance, utility-scale solar power plants in the US this year. Premier Power Renewable Energy, a global leader in the development and construction of solar power plants, has finalised the USD 27.6m agreement with Chaori Solar USA, an investment-focused subsidiary of Shanghai Chaori Solar Energy Science & Technology Co. Plant construction is scheduled to begin in the first quarter of 2012.

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(TM) service, which the company claims sets the standard for solar power plants today.

Dean Marks, CEO of Premier Power, said: “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. Organisations 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 US prioritising 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, 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 US market driven by both productivity and effectiveness.”

The announcement marks Premier Power's continued relationship with a China-based investment groups. The company first began to target China's well capitalised 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.