Solar

Clear Skies Starts Project Finance Partnership with ZebaSolar

Clear Skies Solar Inc. announced the signing of a Memorandum of Agreement (MOA) with ZebaSolar to finance Clear Skies’ global pipeline of multi-megawatt solar installations.

“This MOA grants ZebaSolar the right of first refusal to finance and own any of the more than 40 megawatts currently in Clear Skies’ project pipeline – with an approximate value of $170 million for a period of twelve months,” said Clear Skies Solar CEO, Ezra Green. “Project financing availability is critical to our business. The global financial crisis has had a major impact on our business, and this relationship is a key component in Clear Skies’ continued growth.”

The deal with ZebaSolar will help Clear Skies move forward on developing its multi-megawatt project pipeline in Greece, India and the United States. These projects include a 2.1-megawatt (MW) solar farm to be located in Badger, California and a 960-kilowatt, US $5.7 million, solar power project in Larissa, Greece. The company has also signed a $20 million agreement with Power Cube, a company located in Utter Pradesh, India to develop and construct the first of several solar photovoltaic (PV) projects in India.