If realized, it is hoped the project will generate up to USD$350 million in revenue. Fidelis added that it will partner with the Spanish developer to complete the project, the location of which has not been identified.
The transaction, which is subject to customary closing conditions and regulatory approvals, has reportedly been approved by both companies' board of directors and is expected to close in the first quarter ending March 31, 2011.
The agreement formalizes the Letter of Intent Fidelis announced with ALS on November 15, said Fidelis president James Poole. "This ALS agreement is another important milestone for Fidelis. The fact that ALS has agreed to move forward affirms the potential our proprietary technology holds for the renewable energy and solar industry," he explained.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.