SunVault Energy Inc. (Allen, TX, U.S.) on October 31st, 2013, announced that it has received Board approval to enter into an Assignment and Amendatory Agreement to acquire an 80% interest in two affiliates of BCI Renewables (Greece) that are special purpose vehicles (SPVs) owning two solar photovoltaic (PV) parks in Greece.
The purchase price relating to the 80% equity stake in the SPVs is approximately USD 6,689,128 less assumed project financing debt and subject to other adjustments. The transaction is subject to completion of final due diligence and successful acquisition financing.

20-year PPAs for the sale of solar power
“This transaction represents a portion of a portfolio of projects built by BCI. These projects are fully operational and are generating and collecting their contracted revenues. Both projects have 20-year contracts for the sale of the power they produce. The first solar park, owned by Photovoltaika Chersou Ltd, is located in the municipality of Herso in Northern Greece and is 1.5 Megawatts in size,” stated BCI Renewable's President Dimitris Karagoules.
“The project has a PPA with the local government controlled energy utility securing the sale of total energy produced from this solar park for a period of 20 years at a rate of EUR 0.37283/kWh (USD 0.50/kWh).”
The second solar park, owned by Ellinika Latomeia Photovoltaika AE, is located at the municipality of Lamia, in central Greece and is 0.5 Megawatts in size. The project has a PPA with the local government controlled energy utility for a period of 20 years and began generating revenue on July 31, 2013, at a rate of EUR 0.29208/kWh (USD 0.39/kWh).

USD 24 million in revenue expected
According to BCI Renewables, the two solar PV projects provide an annual gross revenue exceeding USD 1,200,000, derived from existing power purchase agreements (PPAs).This represents an aggregate of USD 24,000,000 in revenue over the term of the existing PPAs, BCI notes.