Premier Power inks $27.6 million solar power contract with Shanghai Chaori

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Premier Power inks $27.6 million solar power contract with Shanghai Chaori

Greentech Lead Asia: Premier Power Renewable Energy has
finalized a $27.6 million agreement with Chaori Solar, a subsidiary of Shanghai
Chaori Solar Energy Science & Technology, to build solar power plants in
the United States.

The company will start construction of the plant in the
first quarter of 2012.

“Our expertise in the U.S. and Europe allows Premier
Power to pursue the strategy of providing assets and construction services to
respected Chinese asset investment funds like Shanghai Chaori. Organizations
throughout China have demonstrated an eagerness to invest in energy
infrastructure in both of these key markets,” said Dean Marks, CEO of
Premier Power.

Premier Power will perform EPC services using panels
provided by Sunperfect Solar and its Energy Yield Optimization service.

The company claims that the performance ratio — a
measure of efficiency for converting the sun’s radiation into electricity — of
Premier Power constructed plants routinely exceeds the market’s historical
averages.

“With the U.S. prioritizing alternative energy, we
are focused on expanding our presence in this important market through
strategic investments. Our decision to own energy infrastructure assets in the
form of utility-scale solar power plants is based on our commitment to a U.S.
market driven by both productivity and effectiveness,” said Willy Chow,
CEO of Chaori USA.

Premier Power began to target China’s investment funds in
2010 when one of its solar plants in Italy was sold to the China Energy
Conservation and Environmental Protection Group, a Chinese state-owned entity
and a renewable energy investor in the country.

Rather than approaching a solar power plant as a construction
project, the company takes the approach of building a power plant, which must
perform over the long term and deliver a high return on investment.

Premier Power has built presence in North America and
Europe through the development and construction of more than 1,000 solar
projects. With utility-scale projects growing in size across America, there is
an increasing demand for providers of turnkey EPC services with a proven track
record of delivering power plant performance.

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