To fulfill the project, CEP will arrange for up $2.65m in capital for financing the launch of the Sun Project C1, representing 30% of the project costs. The balance of funding will come from LBBW bank.
Dennis Shen, president of CEP, said: “We are extremely pleased for the opportunity for CEP to be to work with such a respected bank as LBBW and particularly to receive such favorable terms for this initial project.
“This is a true indication of the commitment made by the European Union and specifically the Czech Republic for developing solar farms and will provide our company with a solid financial partner in Europe backing this project, as well as others that we are pursuing, with reliable long-term financing.”
Sun Project C1 has also secured a grid approval and power purchase agreement for 20 years with the $80bn utility [H1] in Europe E.ON. The project will be built by Sun Power.
