nering with Solyndra, with their proven and readily bankable technology, allowed us to complete the planning process quickly, said Michal Gärtner CEO of Photon Energy. Their performance on flat roofs, and lightweight, non-penetrating design was ideal for the schools and other buildings encompassed in this project.
We are pleased to have been chosen as the solar technology for this high visibility, showcase project in the Czech Republic, said Clemens Jargon, Solyndra's president of EMEA and managing director, Solyndra Gmbh. The forward-looking Prague city administration is bringing clean energy to the city while generating income from otherwise unutilized rooftop space.
The turnkey project involves the installation and development of 18 rooftop systems in Prague located on the roofs of municipal buildings owned by the administration of Prague 15. The installation of the panels has begun and is expected to be completed by the end of December, 2010.
This will be the first project exceeding 1 MWp in the Czech Republic utilizing Solyndra panels. As part of the project, Photon Energy agreed to provide Novacento a.s. with vendor financing for approximately 80% of the project. Novacento will work with the U.S. Export Import bank to seek to secure long-term project financing after the connection of the last system which is expected in late 2010.