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January 10, 2013
11:40 EDTDSTIDayStar announces lock-up agreement to acquire 100% of 7 operational solar parks
DayStar has entered into a lock-up agreement to acquire solar projects from Arxikon Construction Company in Greece. The 7 parks are 1MWp each and are located in industrial areas in Northern Greece. Electricity revenues from the projects are through long-term feed in tariff contracts and will cash flow approximately EUR75M over 20 years. The electricity sales contracts have a consumer price index increase clause. This lock-up agreement allows DayStar 200 days to complete its due diligence, regulatory approvals, and financing. These solar parks have an asset value of approximately EUR21M base on yielding a 15% IRR, and estimated annual power production of 10,850 MWh per year.
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