SOURCE: Solar Semiconductor

Solar Semiconductor

July 08, 2010 12:10 ET

Solar Semiconductor and Conex Energy to Develop Over 300 MW of Solar Opportunities in California and Ontario, Canada

SUNNYVALE, CA--(Marketwire - July 8, 2010) -  Solar Semiconductor, Inc. and Conex Energy, Inc. today announced the agreement to develop over 300 MW of solar opportunities at various locations in California and Ontario, Canada. The solar opportunities will make use of Solar Semiconductor's photovoltaic solar panels and related equipment in both ground-mounted and rooftop applications. In addition, under the terms of the agreement, the two companies will work together to develop solar opportunities in selected international locations.

"We are very excited about this joint development activity with Conex Energy," said Hari Surapaneni, President & CEO of Solar Semiconductor. "The Conex team brings a strong track record of energy project development and proven financing expertise, which will enhance our ability to complete successful solar energy developments in California and Ontario, Canada."

Under the terms of the agreement, Solar Semiconductor will assume primary responsibility for the design, supply of Solar Semiconductor photovoltaic solar panels and balance of system equipment. Conex Energy will assume responsibility for management of development activities, including but not limited to optimizing project energy sales, negotiating interconnection arrangements, securing project financing, and optimizing tax planning opportunities.

"Conex is very impressed with the high quality of Solar Semiconductor's products, technology and management team," said Paul Evans, Conex Energy's President & Chief Executive Officer. "We believe this arrangement will help both companies increase their presence in the renewable energy marketplace."

About Solar Semiconductor, Inc.

Solar Semiconductor is a pioneer in offering innovative solutions that leverage Sun's energy to address various demands on electricity. Solar Semiconductor is an international organization that offers PV solutions, products and services to worldwide markets including the Americas, Europe, Asia and Africa. It is a vertically integrated full service Systems provider which also manufactures its own PV modules and cells. Market segments addressed include Utilities, Government, Commercial, Residential as well as various specialized applications such as water pumping, rural or remote household (cabins) electrification and power for telecom cell towers. Solar Semiconductor has offices in USA, Canada and Dubai with manufacturing operations in Hyderabad, India. Solar Semiconductor's reputation for quality is backed by various certifications it has received from premier international testing organizations including CSA, UL and TUV.

Solar Semiconductor currently has a 195 MW manufacturing capacity in India and has announced the construction of a photovoltaic solar panel manufacturing facility in Ontario. The company is exploring opportunities to construct a similar manufacturing facility in the United States. Over 900 employees contribute to the success of Solar Semiconductor.

About Conex Energy, Inc.

Conex Energy, headquartered in Sioux Falls, South Dakota, is focused on creating paths to renewable energy. Conex Energy is a renewable power producer ("RPP") with a mission to develop, construct, own and operate renewable generation assets. Conex is focused on renewable generation markets that facilitate shorter development timelines, application of leading edge technology, and access to federal, state and local incentive programs. Conex targets development of projects in the 1 to 50 MW range, with a particular interest in the solar, wind, small hydro and biomass sectors.

Conex Energy is backed by a Midwest private equity firm that has investments in energy technology and other related sectors. Conex also has close working relationships with many of the world's leading project finance institutions.

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