EL DORADO HILLS, Calif., March 8, 2012 (GLOBE NEWSWIRE) -- Premier Power Renewable Energy, Inc. (OTCBB:PPRW), a global leader in the development and construction of solar power plants, today announced the company has finalized a $27.6 million agreement with Chaori Solar USA, an investment-focused subsidiary of Shanghai Chaori Solar Energy Science & Technology Co., to build high-performance, utility-scale solar power plants in the United States. Construction is scheduled to begin in the first quarter of 2012.
"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," said Dean Marks, CEO of Premier Power. "Organizations 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 U.S. prioritizing 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, Inc., 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 U.S. market driven by both productivity and effectiveness."
Today's announcement marks Premier Power's continued relationship with a China-based investment groups. The company first began to target China's well capitalized 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.
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™ service, which sets the standard for solar power plants today. The performance ratio – a measure of efficiency for converting the sun's radiation into electricity – of Premier Power constructed plants routinely exceeds the market's historical averages. Rather than approaching a solar power plant as a construction project, the company takes the approach of building a power plant, which must perform over the long term and deliver a high return on investment.
Premier Power has built a strong presence in North America and Europe through the development and construction of more than 1,000 solar projects. With utility-scale projects growing in size across America, there is an increasing demand for providers of turnkey EPC services with a proven track record of delivering power plant performance.
About Premier Power
Premier Power Renewable Energy, Inc. is a leading global provider of large and medium-scale solar power systems, delivering unmatched experience to commercial, governmental and utility customers globally. Premier Power designs, engineers and integrates the solar industry's leading products. Premier Power's technologies and services have enabled its customers to maximize clean energy output along with project savings. Today, Premier Power designs and deploys the most innovative solar electric systems through market-leading innovation and exceptional customer service. Premier Power is headquartered in El Dorado Hills, CA and has common stock quoted on the OTC Bulletin Board under the symbol PPRW.OB. Additional information is available at the Company's website at www.premierpower.com.
About Chaori Solar USA and Shanghai Chaori Solar Energy Science & Technology Co., Ltd:
Based in Delaware, Chaori Solar USA, LLC, is an investment fund focused on expanding the U.S. solar market. Chaori Solar USA is a subsidiary of Shanghai Chaori Solar Energy Science & Technology Co, Ltd., one the most recognized names in producing quality solar cells and modules, with the annual capacity of 400 MW for solar cells and 500 MW for solar modules. Most of the panel sales and solar farm developments are in Europe since 2003.
About Sunperfect Solar, Inc.
Sunperfect Solar, Inc. is a solar modules distributor, solar farm project developer and management company based in Silicon Valley, California.
Sunperfect Solar, Inc. is the exclusive solar panel distributor for Shanghai Chaori Solar in Northern America. It also supervises solar farm project development and management for Shanghai Chaori Solar. We have solar module warehouses located in South San Francisco, Gardena, California and Cranbury, New Jersey to serve customers effectively. Our solar modules are UL 1703 certified and shown on CEC listing.
Since 2009, Sunperfect Solar have sold modules to various CALTRAN roof top projects in California, 306 KW roof top project in Charlotte International Airport, North Carolina and 1MW roof top project in a commercial building located in South Plainfield, New Jersey. We have also developed numerous commercial and solar farm projects in the states of Hawaii, California and North Carolina. We will work with solar developers, integrators, equity investors and banks to build solar renewable energy projects.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements in this release involve risks and uncertainties that could cause actual results to differ materially from current expectations.
There can be no assurance that demand for the company's products will continue at current or greater levels, or that the company will continue to grow revenues, or be profitable.
There are also risks that the company's pursuit of providing solar solutions globally might not be successful, or that if successful, it will not materially enhance the company's financial performance; that the company could fail to retain key employees; that changes in customer requirements and other general economic and political uncertainties could impact the company's relationship with its customers; and that delays in projects, competitive pressures or technical difficulties could impact timely delivery of revenues and projects; and other risks and uncertainties that are described from time to time in Premier Power's periodic reports and registration statements filed with the Securities and Exchange Commission.
The company specifically disclaims any responsibility for updating these forward-looking statements.