TTVCF signs MOU with SPI

Thermi-Taneo Venture Capital Fund (TTVCF) and AIMS-Taneo Fund (AIMS) have entered into a Memorandum of Understanding (“MOU”) with a leading vertically integrated photovoltaic (“PV”) solar developer SPI SOLAR (SPI).

Thessaloniki, April 5th 2012

Thermi-Taneo Venture Capital Fund (TTVCF) and AIMS-Taneo Fund (AIMS) have entered into a Memorandum of Understanding (“MOU”) with a leading vertically integrated photovoltaic (“PV”) solar developerSPI SOLAR (SPI). The two funds have been founded with the participation of the New Economic Development Fund (TANEO) and private investors and are managed by THERMI VENTURES SA, AIMS MANAGEMENT SA and IBG MANAGEMENT SA.

The agreement establishes a minimum commitment for TANEO funds to provide 30 megawatts of PV projects for SPI to design and build, and sets a goal for TANEO funds and SPI to potentially develop a total of 100 megawatts of PV projects across Greece. Under the MOU, SPI will provide engineering, procurement and construction (“EPC”) services while TTVCF and AIMS will provide equity to own and operate up to 30 megawatts of projects; all of which are fully permitted and ready for construction. SPI will be arranging debt financing for the projects through the Company’s relationship with LDK Solar. The PVs resulting from the MOU will use LDK’s high-performance modules.

“We are very pleased to have SPI Solar as our development partner for these large-scale projects across Greece,” said Nikos Haritakis, CEO of the New Economic Development Fund (TANEO). “We look forward to getting started with several of them right away. It is a privilege to be able to help my country with new clean energy jobs and to be able to provide a reliable and sustainable source of electricity we all can benefit from.”

“We are very pleased to have this agreement in place. It represents a significant opportunity for SPI and all parties involved,” said Steve Kircher, CEO for SPI Solar. “We share common goals with Thermi and AIMS; namely to bring large-scale solar development projects to Greece along with the economic and environmental benefits they deliver.” Mr. Kircher concluded.

THERMI VENTURES SA (THERMI) was established in 2008 and is the management company of the «THERMI – TANEO VENTURE CAPITAL FUND» (TTVCF). TTVCF has invested in 12 companies with projects in the RES sector thus supporting green development. THERMI is in the procedure of raising funds for TTVCF in order to implement most of the 100MW solar parks under the MOU signed with SPI. Under the MOU, TTVCF has acquired 7.4MW of PV park licenses through its subsidiaries in the region of Evros that were developed by SPI. TTVCF has proceeded with the construction of these parks which are expected to be connected to the grid before the end of July. THERMI CEO Vassilis Takas said: “We are delighted to be working with SPI Solar on the development of our PV Parks. We believe that renewable energy and particularly solar energy is one area that our country has significant competitive advantages that can be exploited to attract foreign investments and also raising funds from international markets. “