SOURCE: Clean Energy and Power, Inc.

March 02, 2010 14:39 ET

Clean Energy and Power Signs Letter of Intent to Acquire a Controlling Interest in JV Partner Glass Time s.r.o. for Deployment of Solar Farms in Czech Republic

WARWICK, RI--(Marketwire - March 2, 2010) - Clean Energy and Power, Inc. (PINKSHEETS: KEPI) ( announced today it has signed a Letter of Intent to acquire an eighty percent (80%) interest in Glass Time s.r.o., its previously announced joint venture partner for development of solar projects in the Czech Republic. The acquisition of the interest will be accomplished through an exchange of stock of the Companies. 

"We pursued this opportunity because we believe this to be an ideal location due to the high Power purchase Agreement that had been issued in the area -- $0.63 cents (US) per kWh guaranteed for 20 years by the Czech Republic and the European Union. Our agreement calls for us to provide 1,240 kWh per month," stated Erwin Vahlsing, Jr., CEO of Clean Energy and Power.

"I am very excited that we are working with a local company that has such established connections throughout the area from government officials, permitting agencies and solar farm construction companies. This wealth of experience really helps us navigate the many levels of bureaucracies and local permitting issues," said Mr. Shen President of Clean Energy and Power.

"Although the Czech state and the monopoly Utility E-On have stopped issuing new line power reservations in the area last month, our agreement with Glass Time enables us to protect the integrity of these power contracts which were established in 2008 and 2009 providing us the necessary tools to successfully deploy our solar farms. Our level of confidence that the Glass Time / Clean Energy relationship will, with our current agreements and prior reservations succeed in completing the projects projected to be deployed this year," stated Yury Rahubin general manager of Glass Time and VP of Clean Energy and Power overseeing the Czech Republic solar projects.

The next step is to secure the necessary project capital and sign long-term financing agreements with one of the European banks to deploy the projects. Glass Time has already obtained term-sheets from a number of leading European financial institutions that will provide financing, of up to 75% of total project costs and "we are ready to finalize with one or more on a project-for project basis," stated Mr. Shen. Simultaneously Clean Energy and Power is in negotiations with several domestic financing sources that will provide the necessary operating capital and assist us in securing other solar opportunities.

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.

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.

Contact Information