Fidelis signs additional $77 million contract to supply 42MW capacity solar modules

LOS ANGELES, USA: Fidelis Energy Inc. has entered into a long-term solar module supply agreement with Lagofrio Energy Solutions (LES), a wholly-owned subsidiary of TinSol Energy (pty) Ltd (TSEL), Johannesburg, South Africa.

Under the terms of the contract, Fidelis Energy will supply 42 megawatts (MW) of PV Solar modules to TSEL for installation in the development and build-out of numerous solar park locations across the African continent. Fidelis has completed shipments of 76 megawatts (MW) of solar modules to date, leaving a balance of 131 megawatts (MW) yet to complete in TSEL's long-term supply agreement of 207 megawatts (MW) of PV Solar modules for a total product value of $475 million.

The Company expects to begin shipments against this new contract during the second quarter of 2012. The solar modules will ship from the Fidelis manufacturing facility in southern China.

Wes L. Volker, MD of TSEL, said: "We are extremely satisfied that we have selected Fidelis as our partner to supply our large solar projects in Africa, they have diligently delivered above and beyond of our expectations. This fourth contract is another step toward a long and prosperous relationship with Fidelis and their partners as we develop and expand our solar energy operations in Africa."

Over the past year, Fidelis management has spent significant time overseas procuring its solar sector business relationships and building the necessary foundation for future expansion. It has been focused on the development of production facilities and general operations abroad.