SBI Offshore announced today its majority-owned subsidiary Graess Energy has been awarded a contract for the sale of solar power in Maldives.
The contract was won in collaboration with Grass Solartechnik Schweiz SA and China Machinery Engineering Corporation.
Grass SS will design, engineer and build the solar photovoltaic system that will be installed on the rooftops of government buildings in the Greater Male area.
Graess Energy and CMEC will form a special purpose company (SPC) to own, operate and sell solar power to State Electric Company (STELCO) that is owned by the government of Maldives. In the SPC, CMEC will own 70% and Graess Energy will hold the remaining stake.
The power purchase agreement is expected to be signed in mid-Oct between STELCO and SPC for a period of 20 years, before the full ownership of the solar photovoltaic system (PV system) will be transferred to STELCO.
The PV system is likely to cost about US$3.5 million ($5 million), and sales of power is expected to be some US$550,000 per year.
The PV system is slated for completion in 1Q 2016.
SBI Offshore received approval from shareholders on Sept 28 to diversify into renewable energy business through Graess Energy.
SBI Offshore closed 3.3% higher at 19 cents on Wednesday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
The contract was won in collaboration with Grass Solartechnik Schweiz SA and China Machinery Engineering Corporation.
Grass SS will design, engineer and build the solar photovoltaic system that will be installed on the rooftops of government buildings in the Greater Male area.
Graess Energy and CMEC will form a special purpose company (SPC) to own, operate and sell solar power to State Electric Company (STELCO) that is owned by the government of Maldives. In the SPC, CMEC will own 70% and Graess Energy will hold the remaining stake.
The power purchase agreement is expected to be signed in mid-Oct between STELCO and SPC for a period of 20 years, before the full ownership of the solar photovoltaic system (PV system) will be transferred to STELCO.
The PV system is likely to cost about US$3.5 million ($5 million), and sales of power is expected to be some US$550,000 per year.
The PV system is slated for completion in 1Q 2016.
SBI Offshore received approval from shareholders on Sept 28 to diversify into renewable energy business through Graess Energy.
SBI Offshore closed 3.3% higher at 19 cents on Wednesday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
0 comments:
Post a Comment