WARWICK, RI, Mar 15, 2010 (MARKETWIRE via COMTEX) -- Clean Energy and Power, Inc. (PINKSHEETS: KEPI) (www.cleanenergyandpower.com) announced today it has completed documents finalizing its initial solar project with Glass Time s.r.o., a 1.3 mega watt per hour (mWh) project located in the small and sunny town of Planichka, in South Bohemia.
CEP has setup its subsidiary Sun Project C1 s.r.o. with 80% ownership to CEP and 20% to local management. To fulfill the project, CEP will arrange for up $2.65M in capital for financing the launch of the Sun Project C1 s.r.o., representing 30% of the project costs. The balance of funding will come from LBBW bank, which is a TOP 5 German bank that is highly active in the European solar market. LBBW has issued a term sheet to Sun Project C1 s.r.o followed by the recent final loan approval offering extremely beneficial terms available to CEP for the project, the fixed loan for 15 years at 5.5% interest where with payments beginning on project completion.
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