EL DORADO HILLS, Calif., March 6, 2012 (GLOBE NEWSWIRE) -- Premier Power Renewable Energy, Inc. (OTCBB:PPRW), a global leader in the development and construction of solar power plants, today announced that the construction of the 16.2MWp Zdravetz utility scale solar power plant in Bulgaria has started. The project is scheduled to be completed during second quarter quarter of 2012.
In September of 2011, Premier Power with its joint venture with European firm Plaan Czech, entered into an agreement to build the 16.2 MWp Zdravetz solar power plants in Bulgaria. The solar power plant is repurposing the land that once was a coal mine. For every kWh generated from the sun, the power plant will receive approximately $0.30 for the next 20 years from energy administration.
Today's announcement marks Premier Power's continued expansion in Europe. The company first began in Spain in 2007, it expanded to Italy and more recently it expanded Central and Eastern Europe. In addition, Premier Power announced last week an agreement for Scandinavia.
"These projects underscore Premier Power's unparalleled ability to rapidly respond to dynamic economies and shifting renewable energy policies in emerging and established markets around the world. Our previous successes in Eastern Europe – a region few others have been able to effectively penetrate – are now enabling us to capture significant market share in Bulgaria," said Bjorn Persson, executive vice president of European operations at Premier Power. "We look forward to building our presence in Bulgaria and other Eastern European countries as they aggressively target their renewable energy goals."
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.
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.