Worldwater, M&G sign letter of intent

PENNINGTON, N.J., July 20 (UPI) -- New Jersey-based WorldWater & Solar Technologies Corp. signed a letter of intent with M&G Promociones de Vivienda Urbana S.A.

WorldWater is a developer and marketer of proprietary high-power solar systems.

The company announced the letter of intent with M&G Promociones de Vivienda Urbana S.A., a real estate developer in Spain, to build several solar farms in Lorca, Spain, over the next five years.

The contract to be negotiated will reflect plans by M&G to build three 10-megawatt farms over the next three years, with implementation starting in 2008 -- 10 megawatt each year -- along with two 50-megawatt farms in the fourth and fifth years.

Negotiations will begin within weeks in Madrid to conclude the contract, which will be subject to conditions including financing, licensing and other commercial and permitting issues.

"We look forward to announcing the final terms of this agreement and see this as a transformational event for our company -- validating both our technology and leadership in the industry," Chairman and Chief Executive Officer Quentin T. Kelly said in a company statement. "We expect to incorporate the solar concentrator technologies of both Entech Inc., the firm we have signed a letter of intent to acquire, and Emcore Corp., the company which invested in WorldWater last year to terrestrialize its space technology, in these multi-megawatt projects."