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AMOCO/ENRON SOLAR GRANTED FUNDING FOR 5-MEGAWATT SOLAR FACILITY IN GREECE
FOR IMMEDIATE RELEASE: Thursday, June 12, 1997
HOUSTON ñ Amoco/Enron Solar announced today that the Greek Ministry of Development has approved its application for the development of a 5-megawatt solar photovoltaic power plant in Mires, Crete. Once completed, this facility will be larger than any other photovoltaic power plant currently in operation worldwide.
The Ministry's "Operational Program for Energy" award includes a commitment to fund approximately $10 million toward the cost of the project through a European Union grant that has been established to encourage the development of clean energy projects.
"Funding is a critical first step toward making this project a reality," said Rick Barsky, Amoco/Enron Solar co-chairman. "We applaud the European Union's initiative to promote renewable energy development in Greece and are pleased that Greece's development minister, Ms. Vasso Papandreou, and her evaluation team have endorsed the merits of our proposal. The minister's decision to support a commercial-scale photovoltaic power plant demonstrates Greece's commitment to become a global leader in renewable energy development for the 21st century. The clean, reliable energy generated by our facility will provide valuable peak power for residential and commercial use while protecting the environmentally sensitive agriculture and tourism industries of Crete."
Amoco/Enron Solar anticipates that construction of the 5-megawatt project, which has a total capital cost of approximately $18 million, will begin soon after executing a power purchase agreement with Greece's state-owned Public Power Corporation. Amoco/Enron Solar, through its Greek affiliate IWECO Solar S.A., currently projects that commercial start-up will commence in late 1998.
"This project will serve as the centerpiece for opportunities we are pursuing in a Mediterranean region that has excellent solar resources," said Dimitris Alexopoulos, general manager of IWECO Solar S.A.
Amoco/Enron Solar, the largest U.S. owned producer of solar photovoltaic modules and second largest producer worldwide, manufactures and sells amorphous-silicon and polycrystalline modules in over 70 countries. Amoco/Enron Solar also develops, designs, builds, installs and operates photovoltaic systems for on-grid and off-grid applications including solar farms, rooftops, village electrification, water pumping, telecommunications and other industrial and consumer products. Amoco/Enron Solar is a joint-venture company owned 50 percent each by Enron Renewable Energy Corp. and Amoco Corp.
For additional information please contact:
Carol Hensley
(713)853-6498
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