US Salamon buys all of Solar Samoa

Apr 30, 2012 - US renewable energy firm Salamon Group Inc (PINK:SLMU) today said it had agreed to acquire all of Samoa-based solar power company Solar Samoa Ltd for an undisclosed amount.

Solar Samoa owns a pipeline of projects that have been developed by Eco Energy and its partners. The company has the rights to provide some 4% of the daily electrical demand of Samoa, the statement said.

The first project of Solar Samoa is a 4.5-MW facility which is expected to yield USD 2.5 million (EUR 1.9m) in revenues in the first year and USD 70 million over 20 years. The project is forecast to generate net cashflow of USD 18 million over its lifetime.

Chief executive Michael Matvieshen said the agreement was in line with the company's strategy to become a global player in the solar energy sector. The solar installations in Samoa will be designed, built and managed by the company's Sunlogics Power Fund unit, Matvieshen added.

Salamon completed the acquisition of sector player Eco Energy Solutions (Australia) Pty Ltd earlier this month.

(USD 1.0 = EUR 0.756)

Choose your newsletter by Renewables Now. Join for free!