Blue Earth, Inc. (BBLU) and Biosar Agreement Goes Forward for Developing and Pursuing Utility Scale Solar PV Projects

In connection with their recent collaboration, Blue Earth and its wholly owned subsidiary Xnergy recently signed an agreement with Biosar Energy SA to jointly develop and pursue utility scale solar PV projects in the U.S. Collaborating with Blue Earth through Xnergy is expected to enable Biosar to quickly and efficiently enter the U.S. solar PV market.

It is anticipated that Blue Earth will provide licenses, permitting, design, and construction proficiency, complementing Biosar’s equipment procurement and large-scale project execution expertise. Prior to signing the agreement, the two companies had been working jointly on project proposals for 10 to 100 MW solar PV projects. The agreement between them is anticipated to result in significant revenue generation, as the Xnergy portion of the revenue stream from typical utility scale projects is projected to be between $5 and $50 million. The resulting experience and relationships gained through working with Biosar are anticipated to facilitate future development and execution of the utility scale solar PV projects in the Xnergy project pipeline.

Biosar has a notable background of developing successful solar PV projects in Europe relating to 350MW EPC-awarded contracts. The company is a wholly owned subsidiary of ELLAKTOR, which is listed on the Athens Stock Exchange, and specializes in engineering, procurement, and construction (EPC) of utility scale solar PV products MW size. Xnergy has approximately 100 MW of alternative energy interconnect experience in California, which is the location for the initial projects being developed.

Engaged in the clean technology industry, Blue Earth’s primary focus is on the energy efficiency and renewable energy sectors. The company endeavors to take part in the global movement for a sustainable planet by offering its customers products and services that will optimize energy use, reduce harmful environmental emissions, and considerably reduce energy costs.

For more information, visit the company’s Web site at www.blueearthinc.com


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