New York, NY US, Sep 13, 2013 (Filing Services Canada via COMTEX) -- Solar Thin Films, Inc. (SLTZ - OTC_Pink),(the "Company"), an environmentally conscious company working to bring new products to market with a strong focus on Fiber Reinforced Plastics technology (FRP), as well as waste to energy and solar energy, announced today that it has signed a contract, effective September 13, 2013, for the design, supply and construction of three photo-voltaic (PV) solar fields in West Virginia. The underlying agreement had been announced earlier in a press release dated July 31, 2013, as an agreement in principle.
As previously announced, the agreement is with property owner Tri-State Solar/Wind Energy LLC ("Tri-State"). There are a total of three properties to be developed, as follows:
1) Sam Black Church Rd. Crawley, WV (Site # 1)
2) Wolf Creek Rd. Fayetteville. WV (Site # 2)
3) Muddy Creek Rd. Alderson. WV (Site # 3)
Sites #1 and #2 are to have 8-10 MW in solar electrical production capacity, while site #3 is to have capacity for 15-20 MW. The anticipated value of the contract is $124-$160 million.
Tri-State will be responsible for, and is in the process of obtaining financing to complete the three projects, and clearing and preparing each property in preparation for the installation of the solar panels. The Company has agreed to use its expertise to assist Tri-State in the negotiation and execution of Power Purchase Agreements with the local power utility company.
The Company is entitled to receive a 20% deposit on each of the projects prior to commencement of installation. It is also entitled to progress bill on a monthly basis to recover its costs and expenses. Any remaining unbilled amounts up to the agreed installation price are to billed and paid upon satisfactory completion of the work.
James Solano, Chief Executive Officer stated, "We a very happy to report the execution of this contract as it brings us one step closer to bringing significant revenues and profits to the Company. It showcases some of our abilities as a company in a way that allows us to report revenue and earnings growth, without causing a significant impact on our working capital position. The future looks bright for us and I look forward to reporting further progress on this and our other projects, some of which we have already announced."
The Company estimates that it will start installation work before the end of 2013 and that the installations will be complete within 18 months.
