The purchase price has been valued based on PSP’s current business plan and project pipeline, the projected growth of PSP in the photovoltaics industry as a utility-scale project developer, and PSP’s ability to assist BSP to access a substantial share of the European solar market.
PSP and BSP have agreed to work together in a strategic alliance whereby BSP shall be appointed as the General Contractor to perform the EPCI contract for PSP solar power plants for at least 50 Megawatts Peak per annum until 2013. BSP will purchase the PSP shares in increments of 400,000 upon activation of each megawatt peak of solar power to be covered by the EPCI service agreement. If all of strategic alliance shares are acquired, BSP will own 14.2 percent of PSP’s issued and outstanding shares of common stock.
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