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Message: Greece Ends Moratorium and Confirms Solar PV Feed Tariffs
| January 27, 2009 |
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Sustainable Energy Technologies Ltd.: Greece Ends Moratorium and Confirms Solar PV Feed Tariffs
Investment in Sales and Distribution Infrastructure Will Pay Off in 2009 |
| CALGARY, ALBERTA--(Marketwire - Jan. 27, 2009) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") is pleased to provide this update on the Greek solar PV marketplace and the Company's operations in that market. The Company has posted a presentation by the Hellenic Association of Photovoltaic Companies, detailing the tariff structure which can be accessed directly at: http://www.sustainableenergy.com/fil... On January 15, 2009, the Parliament of Greece confirmed an incentive scheme for photovoltaic installations, introducing 10 year feed-in tariffs for solar electricity ranging from a low of 0.40 Euros per kWh on the mainland, to a high of 0.50 Euros per kWh on the islands. Projects costing in excess of 100,000 Euros will also be entitled to a 40% capital grant. The new law also announced a separate program for rooftop PV with a higher feed in tariff and for 20 years but with no capital grant. The details of the rooftop program, which targets installations totaling 750 MW over an unspecified period of time, are expected to be released before June of this year. The announcement brings to an end the moratorium which has been in effect for almost two years, preventing solar product sales, including sales of the Sustainable's SUNERGY inverters during that period. "We were very pleased with last week's announcement by the Greek Government." said Michael Carten, President and CEO of Sustainable Energy. "We were into this market at the beginning, and have created a very strong network of partners, which includes some of Greece's leading system integrators. However, as a result of the moratorium, there simply were no inverter sales for the past two years for any company in this market, including Sustainable Energy. "While difficult at times to appreciate, our decision to stay the course and to invest time, energy and resources towards building out sales channels and creating strong partners in Greece will pay off. With the passage of this tariff by the Greek Parliament, we believe that Greece will become an exceptionally active market for PV, from which we clearly stand to benefit." "Based on our partners' forecasts, we estimate a sales pipeline between 8 - 10 MW for SUNERGY inverters. We fully expect this to grow this year and beyond as we roll out our next generation of inverters, and begin to deploy more resources to this marketplace. While delivery schedules remain unsettled at this juncture, due to the time it takes to process and review various queued solar projects, and for customers to arrange for financing, we anticipate that revenues will be generated from this pipeline by the 3rd Quarter of this year," continued Mr. Carten. "The recently announced agreement with Salicru S.A (January 22, 2009) will also bring a valuable additional asset to our marketing campaign, as it provides a strong European service centre for the products which we have lacked until now," added Mr. Carten. About Sustainable Energy: Based in Calgary, Canada, Sustainable (www.sustainableenergy.com) designs, manufactures and distributes power inverters for grid-connected solar PV systems. Advanced power inverters are a critical enabler of all modern solar PV power systems converting the direct current ("DC") power output of the solar PV modules into the high quality alternating current ("AC") power required by the power grid. Advanced power inverters also optimize the performance of the solar PV modules and maintain the integrity and safety of the interconnection with the power grid. Sustainable has developed and patented an inverter platform that is the first to enable a high efficiency "parallel" architecture for grid-connected solar PV systems at a cost per watt that the industry is looking for. A parallel architecture increases system yields by reducing the impact of partial shading on total system performance and eliminating mismatch losses from variances in orientation of the PV panels and from normal variances in manufacturing tolerances. A parallel architecture eliminates the need for complex string calculations and enables much higher penetration of the available rooftop area, thereby expanding the range of sites where solar PV is economic. Sustainable's inverter technologies are a breakthrough in inverter design and the subject of 9 patents issued by the US Patent Office with further patents pending. |
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