Business News Day Star Acquires 7MW Solar Parks in Greece
DayStar Technologies has entered into a lock-up agreement to acquire seven solar parks, 1MW each, from Arxikon Construction Company in Greece.
The parks are located in industrial areas in Northern Greece. Electricity revenues from the projects are through long-term feed in tariff contracts and will cash flow approximately $75,000,000 Euros over 20 years (beginning at approximately $3.9 million Euro per year).
The electricity sales contracts have a consumer price index increase clause. This lock-up agreement allows DayStar 200 days to complete its due diligence, regulatory approvals and financing, the company says.
These solar parks have an asset value of approximately $21,000,000 Euros base on yielding a 15% IRR, and estimated annual power production of 10,850MWh per year.
Each of the solar parks were constructed with Bosch monocrystalline solar cells and SMA inverters and are fully equipped with data acquisition systems for 24/7 monitoring.
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