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New Jersey-Based Company Acquires Land for Solar Plants in Bulgaria
Date: 26/01/2011
New Jersey-Based Company Acquires Land for Solar Plants in Bulgaria

Euro Solar Parks, Inc., a company based in New Jersey, USA, has announced the completion of its acquisition of two land properties for solar parks in Bulgaria.

The strategic properties are located in the Karlovo Municipality in Central Bulgaria, and have an area of approximately 11 560 square meters.

Both properties have short distances to the national power grid. They were acquired for the purpose of developing small-sized solar plants that run up to 0.7 MW. The plants will be known as the "Bogdan I" project.

The company acquired the land resources through the acquisition of 100% of the membership interest of the Bulgarian consulting and development firm Foreign Support and Consulting LLC (FSC), an advisory firm specializing in the support of foreign companies seeking assistance to enter the Bulgarian energy market. FSC initially acquired the land resources in October 2010 with the purpose to commercially develop the property by transforming the land resources into industrial status.

As part of the Company's global business development strategy, FSC is being be re-named into Euro Solar Parks Bulgaria, LLC, and will become the first local subsidiary of Euro Solar Parks, Inc. that will be responsible for the further development of the operational business in Eastern Europe.

Construction of the Karlovo plant of Euro Solar Parks is expected to start by the end of 2011. The Company expects an annual revenue contribution of approximately EUR 256 900 or USD 345 600 beginning the end of 2011. This is based on the present local feed-in tariffs of EUR 0.37 or approximately USD 0.49 per kW.

The Euro Solar Parks states that due to the favorable economic situation on sight, the management currently reviews and assesses further investment opportunities including additional land resources of approximately 50 000 square meters providing ground capacity for additional PV-installations up to 2 MW.

"We are very excited that the Company is well positioned for a year of aggressive growth through the land acquisition in Bulgaria, which is an advantage for the development of commercial solar energy plants. We will also continue our strategy of growth through the evaluation of new projects for possible acquisition or joint venture; while remaining committed to the preservation of the Company's capital structure and the avoidance of excessive shareholder dilution," Euro Solar Parks, Inc. President and CEO Dimitrios Argyros commented.

Euro Solar Parks, Inc. is a project developer of commercial solar power plants with focus on the European solar energy market.

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