Bergamo announces terms for three hybrid solar thermal power plants

Las Vegas, January 7, 2011 — Bergamo Acquisition Corp. has come to terms for three hybrid solar thermal power plants totaling 200 MW to be located in India. Bergamo Acquisition Corp's subsidiary in India, Bergamo Harbinsons, has handled the negotiations.

Bergamo is to receive a ten percent fee to be paid upfront. The payments will come in the form of irrevocable letters of credit totaling about $77.5 million.

The Bergamo management team will be meeting in New Delhi, India in about ten days to close these three contracts. Company President Hillard Herzog will be attending the meetings along with Bergamo Harbinsons’ CEO, Subhahsh Shisodia.

Bergamo would also like to update investors on the company's recent financial statements posted January 2 and January 3, 2011. The investment programs are still on target to produce the projected income as outlined in financial statements and in the December 22, 2010 Bergamo press release on the schedule indicated.

In connection with these projects, Bergamo has finalized an arrangement and confirmed a $35 million deposit to be placed in Bergamo's account with HSBC Bank. These funds will be incorporated in the company's investment program.

In the company’s balance sheet posted on January 3, 2011, the $35 million cited above is the first part of the $80 million included as a long-term asset. The $45 million balance of that amount will be included in a bank confirmation within the next ten business days.

Bergamo expects to complete a financial audit that is GAAP compliant and is consistent with the company’s year-end closing of January 31, 2011. This will be released as quickly as possible upon completion after that date.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs