SOURCE: Clean Energy and Power, Inc.

March 15, 2010 06:06 ET

Clean Energy and Power Finalizes Initial Solar Project With Glass Time s.r.o., a 1.3 mWh Project

WARWICK, RI--(Marketwire - March 15, 2010) - Clean Energy and Power, Inc. (PINKSHEETS: KEPI) (www.cleanenergyandpower.com) announced today it has completed documents finalizing its initial solar project with Glass Time s.r.o., a 1.3 mega watt per hour (mWh) project located in the small and sunny town of Planichka, in South Bohemia. CEP has setup its subsidiary Sun Project C1 s.r.o. with 80% ownership to CEP and 20% to local management. To fulfill the project, CEP will arrange for up $2.65M in capital for financing the launch of the Sun Project C1 s.r.o., representing 30% of the project costs. The balance of funding will come from LBBW bank, which is a TOP 5 German bank that is highly active in the European solar market. LBBW has issued a term sheet to Sun Project C1 s.r.o followed by the recent final loan approval offering extremely beneficial terms available to CEP for the project, the fixed loan for 15 years at 5.5% interest where with payments beginning on project completion.

Dennis Shen, President of CEP, stated, "We are extremely pleased for the opportunity for CEP to be to work with such a respected bank as LBBW and particularly to receive such favorable terms for this initial project. This is a true indication of the commitment made by the European Union and specifically the Czech Republic for developing solar farms and will provide our company with a solid financial partner in Europe backing this project, as well as others that we are pursuing, with reliable long-term financing. We have a great strategy to continue our cooperation with LBBW beyond this project. Our Czech team headed by Mr. Alex Kotunov and Jan Stasek have done a tremendous job securing this financing."

"Approval of the financing by LBBW signifies that we are dealing with premier quality players in Europe and that our projects have indeed met all the needed compliance and permitting issues at the local level abiding by all regulations governed by the Czech authorities and regulatory organizations," Mr. Shen continued. "Prior to approving loans for solar projects in the Czech Republic, banks are mandated to conduct a full project audit to make sure that all projects meet permitting and economic ratios acceptable by the bank's credit committee," stated Erwin Vahlsing, CEO of Clean Energy and Power, "and we are delighted to report that we have met all these requirements."

"To get this approval for the Planichka project from LBBW, took our team 4 months of hard work and endless bank committee reviews. Finally we have it, it's great and we are ready to begin the initial stage for deployment," said Alex Kotunov, CEP's project manager.

Sun Project C1 s.r.o. has also secured a grid approval and power purchase agreement for 20 years with the largest $80B utility [H1] in Europe E.ON. The project will be built by SUN Power, the US-originated global leader in solar panels offering the most reliable panel and project quality in the world www.sunpowercorp.com.

About Clean Energy and Power

The Company is focused on alternative energy opportunities. The Company is dedicated to acquiring fully developed environmental projects and putting them into production. www.cleanenergyandpower.com.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward looking statements, including, among others, the following: reduced or lack of increase in demand for the Company's products, competitive pricing pressures, and the level of expenses incurred in the Company's operations. The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

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