Fidelis Energy Inc. (FDEI.PK) Signs $25 Million Agreement for Solar Energy Project

on January 12 2010 4:00 AM

Fidelis Energy Inc. announced yesterday that it has entered into a $25 million agreement with Esar Solar Power Pvt. Ltd. to develop and construct the first of several solar energy projects located in the Thar Desert near Jaisalmer, India. With sun exposure for 330 days of the year, and up to 6.2KW/hour of solar energy per square meter every day, the region has the potential to become the world’s biggest solar powerhouse.

Fidelis Energy will provide the technology, engineering and construction services needed to create the PV Project. ESP has signed a 10-year power purchase and sale agreement with the state’s government-owned power distribution company.

As per the agreement, Fidelis will design and construct a multi-megawatt solar power system that will supply and support the community’s energy grid system to meet a consistently increasing demand. The project follows the company’s interest in cleaner and more abundant energy sources; thus, with the support of global power needs in mind, Fidelis has built the necessary infrastructure for support of this type of international expansion, designed to facilitate the development of large-scale projects.

Fidelis CEO James Poole, commented, “India represents the first of many untapped solar power markets that Fidelis plans to enter in 2010 and 2011. International projects pose special challenges for solar energy producers, such as identifying proper high voltage lines and the ownership of the property prior to system installation.

Poole continued, “Our unique ability and expertise to overcome such challenges makes Fidelis Energy the natural choice for clients with challenging power needs.”

Jagish Singh, ESP Chairman, added, “We recognize that the continued use of fossil fuels negatively impacts both the economy and the environment. As such, ESP is determined to meet a portion of India’s energy requirements by developing several large solar photovoltaic projects (PV Projects), which will generate electricity from sunlight. Fidelis has shown that it has the ability and innovative construction techniques to execute this contract, and we look forward to this project beginning in May of 2010,” added Singh. “It is the goal of both parties to complete the construction of the five megawatt (5MW) PV Project and start its operations before October of 2010.”