Solar Power Group Inc. to Develop a 10 MW Solar Facility in the Czech Republic

Thursday, Oct 30, 2008

TGI Solar Power Group Inc. a full turnkey supplier of vertically integrated systems for a variety of applications from Solar Parks (solar to grid) to commercial markets, and Czech-based European Estate Capital, a regional solar developer, announced today plans to collaborate on a 10 MW power station to be located in the Czech Republic.

TGI Solar and European Estate Capital have signed a memorandum of understanding (MOU) that outlines plans for cooperation in outfitting and installing all of the manufacturing capacity that is needed to make the solar plant operational. Prague-based European Estate Capital is a Czech company active in the fields of real estate management, and energy, throughout Europe and North America.

But by the year 2020, the Czech Republic should more than double the share of renewable energy sources from the current 6 percent to 12 percent, following a draft package of measures released by the European Commission (EC) in January.

""Developers are now positioning for first-mover advantage to establish operations in these emerging PV markets,"" says the report titled ""Solar PV Development Strategies in Europe 2008-2020"" by Emerging Energy Research (EER).

""With its close proximity to the German market we believe that the Czech Republic is moving forward with all right financial incentives towards solar development,"" said William Lieberman, President of TGI Solar. ""The Czech Republic has strong political support for renewable energy development, and has very high renewable energy feed-in tariffs which demonstrate the importance of renewable energy development to the government and greatly enhance the economics of renewable energy projects in the country.""

""We are excited to be working with TGI Solar on this initial first project. It will pave the way for solar installations throughout the Czech Republic,"" said Dmitriy Bondarev, CEO of European Estate Capital.

Source: Marketwire