Solamon Expands Into Eastern Europe; SVP Toth Set to Target Great Plains of Hungary

Toronto, Canada, August 10, 2012 --( Earlier today Jay Yeo, President, Solamon Energy Corp., proudly announced the company has expanded its operations in Eastern Europe with the appointment of Andras Toth, SVP Hungary, who over the next few months will aggressively pursue opportunities to sell the Apollo Acre™ and utility-scale solar arrays across The Great Plains. “We’re very excited to bring aboard Mr Toth and announce his appointment,” says Yeo, “as he is already well-known to many of our executives in Toronto and he is tasked to begin discussions with all levels of government and business over there, as well as regulatory agencies and administrative bodies.”

As an EU Member State, Hungary is subject to a binding target of 13% of energy from RES by 2020. However, in its Renewable Energy Action Plan (REAP), approved in December 2010, the Hungarian Government set an even more ambitious target of 14.65%. Hungary is still highly dependent on energy imports from Russia, with natural gas and nuclear representing >90% of the energy mix. In seeking to achieve its EU target, Hungary has evolved its FIT scheme, known as “KAT” which was first introduced in 2003, to incent RES development through the purchase of electricity at higher than market rates.

Indeed, a draft plan published on the Government’s website indicates Hungary is considering replacing the current mandatory purchase system with premium subsidies under a FIT mechanism. The new scheme, known as Metar, which is scheduled for approval in early November, sets upper and lower capacity limits for eligible generators, guarantees 15-year subsidies, and awards premiums for heat and power offtake or projects in under developed regions. The Hungarian energy sector will be eager to find out whether the new scheme will provide the boost required to meet its 2020 target.

Despite these incentives, insufficient grid capacity, high connection costs and a very difficult permitting process represent significant barriers, which Toth will address immediately, as grid connection takes an average of 45 months to secure and an estimated 10.6% of total project costs are spent on obtaining it. “We are prepared,” concludes Yeo, “for all eventualities.”

Solamon Energy typically offers a ground-mounted solar array of integrated photovoltaic cells over a package of land called the Apollo Acre™. The company now also designs and installs custom solutions with local partners to provide roof-mounted and parking lot systems that are easily augmented by micro wind turbine technology and other innovative features to supply renewable energy.

About Solamon: Solamon Energy Corp. sells integrated arrays of ground-mounted and rooftop photovoltaic cells. These solar power plants are connected by cable to varied transmission equipment, including converters, inverters and batteries, utilizing 5 acres of land per unit; each unit is called an Apollo Acre™. Additionally, it is expected the company’s business activities will spin-off many jobs locally, given engineering requirements, construction, unit commissioning and subsequent maintenance.
Solamon Energy Corp.
Christian Giles