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ET Solar and Sunelectra Global Commissioned 4.2 MW PV Projects in Ukraine financed by EBRD

MUNICH, Germany, September 27th, 2013 -- ET Solar Group Corp. ("ET Solar"), a leading solar one-stop solution provider today announces that it has completed construction of a 4.2 MW PV power plant in Odessa, Ukraine. The power plant was financed through a 3.9 million euro long-term loan from the European Bank for Reconstruction and Development (“EBRD”) and a parallel loan of 1.5 million euros from the Clean Technology Fund.  

The project, which is one of the largest operational solar power plants in the region, covers 7 hectares and uses more than 17,000 solar modules made by ET Solar. ET Solutions AG (“ET Solutions”), a wholly owned subsidiary of ET Solar Group, provided EPC and operations & maintenance services.

ET Solutions implemented the project in partnership with Sunelectra Global, an international company active in emerging renewable energy markets in the Middle East and the CIS region. Sunelectra Global began development of the Teplodar project in 2011 and provided significant local commercial and technical expertise throughout the project life cycle.        

Mr. Dennis She, President and CEO of ET Solar, commented: “Closing of the long-term project financing agreement with EBRD and the successful completion of the power plant was a result of seamless coordination between EBRD, Sunelectra Global and our Munich EPC team. It further demonstrates that our German EPC team is transforming itself into a global EPC service provider with comprehensive expertise, proven track-record of successful project execution and strong bankability.”

Sevki Acuner, EBRD Country Director for Ukraine said: “The EBRD has already invested over 1.7 billion euros in sustainable energy projects in Ukraine and it remains committed to the development of the renewable energy sector in this country. Our new investment into renewable power generation in Odessa region is an important example of our continued commitment in this sector, especially given the importance of power supply diversification for Ukraine”.

Mr. Peter Rozenkrants, CEO of Sunelectra Global, added: “Our team is very proud to have facilitated a successful collaboration with ET Solar and EBRD, which are both top-tier global renewable energy players.  Our success in leading such critical tasks as closing of the EBRD debt financing, permitting activities, providing technical advisory and performing local project management demonstrates the experience and effectiveness of our team.  As we continue to expand into new markets, we look forward to further cooperation with EBRD and ET Solar.”

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