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.