SOURCE: GiraSolar, Inc.

January 08, 2007 08:58 ET

GiraSolar Turkey Ltd. Moves on Turkish Islands

DEVENTER, THE NETHERLANDS -- (MARKET WIRE) -- January 8, 2007 -- GiraSolar, Inc. (PINKSHEETS: GRSR) (FRANKFURT: L2I) is pleased to announce its subsidiary GiraSolar Turkey Ltd. received invitations to participate in electrification project on two Turkish islands.

Erol Barendrecht, resident MD of GST, stated: "It is a great honour to have been selected to participate in these projects and a reward for our continuing efforts to bring solar into the spotlight in Turkey. It is also recognition for our team and their skill that we are now allowed to design these complex energy systems, involving solar, wind and grid or generator power, to assure reliable energy supply. These systems will be important demonstrations of how alternative energy in general and solar specifically fit into a more secure and diversified energy supply system for the entire region. Furthermore, the use of a lease construction in one of the projects is a first in Turkey and a major breakthrough in financing projects."

GST will be involved in two projects: The Kizilada or Red Island Project, located in the bay of Fethiye, a well-known tourist attraction in southwest Turkey, will realise a tri-hybrid power supply by solar, wind and generator power. It is an entirely commercially financed project, using a leasing construction designed in close cooperation with a well-known Turkish bank. It is the first project in Turkey to be financed on a lease basis.

The second project, the Gökceada or Wind Island Project, is a UN-sponsored demonstration project located near the ancient city of Troy in the west of Turkey. This island recently suffered a blackout of weeks as a result of a storm, depriving the population of electric power and telephone. Following the disaster, the Turkish Army had to be rallied to the aid of the population to provide power and communication services, which spurred the development of this project, which will realise a tri-hybrid power supply system involving solar, wind and grid power.

GST (GiraSolar Turkye Ltd. Sti.) is 51% owned by the GiraSolar group and has offices in Ankara and Fethiye. For more information visit: www.girasolar.com.tr

About GiraSolar Inc.

GiraSolar Inc. is a US holding company based in Ann Arbor and its operational HQ is in Deventer, the Netherlands, through GiraSolar BV. It is an umbrella organization for subsidiaries, partners and affiliated entities, active in the field of solar energy product development, production and application. GiraSolar's three subsidiaries consist of 100% owned DutchSolar B.V., 51% owned GiraSolar Turkey Ltd. Ste. (GST), and 100% owned GiraMundo B.V. The group focuses with its business activities on silicon, solar cells, solar modules and solar energy systems. www.girasolar.com

This press release contains forward-looking statements within the meaning of federal securities laws. The Company cautions you that any statements contained in this press release which are not strictly historical statements constitute forward-looking statements. Such forward-looking statements include, but are not limited to, all statements regarding participation in electrification projects on two Turkish islands. These statements are neither promises nor guarantees, and involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements, (copies of which may be obtained at the SEC's website at: http://www.sec.gov) -- could impact the forward-looking statements contained in this press release. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in Company expectations, or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

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