|March 15, 2011|
Berkley Resources Launches Renewable Energy Initiative
|VANCOUVER - Berkley Resources Inc. (Berkley) announced today that it has established a strategic partnership with Day4 Energy Inc. (Day4), a Vancouver-based manufacturer of high-performance solar panels. Under the agreement, Day4 is providing Berkley with solar panels and related equipment plus consulting services for the construction and maintenance of solar power projects in Italy and Greece. Berkley will provide financing, receive ongoing revenue from the projects and also act as a sales agent for Day4's solar panels.|
"The Day4 agreement launches Berkley's 2011 Renewable Energy Initiative," said Berkley president and CEO Matt Wayrynen. "We are preparing the company to meet rapidly-changing energy demands, as a growing amount of the world's energy is developed from renewable sources, especially solar."
Traditionally an oil and gas developer and producer, Berkley is diversifying into renewable energy with an initial focus on developing solar power projects in Italy and Greece. Working in partnership with Day4 and local contractors, Berkley expects to develop a minimum of 30 megawatts of solar farms by the end of 2012. Berkley is also marketing Day4 panels in Greece through a sales representation agreement.
Italy and Greece were targeted because of favourable and guaranteed Feed-in Tariff ("FiT") rates established by their respective governments to incentivize electrical generation from renewable sources. Under these initiatives, power generated by solar energy in both countries can be sold to power grids at attractive rates guaranteed for up to 20 years. Italy, with one of Europe's sunniest climates, has embraced solar power development and now represents Europe's third-largest solar market behind Germany and Spain. Greece, with equally abundant sunshine, has also established highly attractive FiT rates. The Greek government recently adopted a renewable energy law that accelerates the process of obtaining construction and environmental permits for solar power projects.
Permitted solar park sites have been identified in both countries, and discussions are underway with various stakeholders and agencies to finalize agreements. Berkley expects to begin construction of its initial solar project in May 2011.
For more information please see Berkley's Solar Park Development Business Summary on the company's Home page at www.berkleyresources.com. Additional information will be posted to the website in the coming weeks.
ABOUT BERKLEY RESOURCES INC.
Berkley is a growth-oriented and diversified energy and venture company pursuing opportunities in both Canada and the United States. The company's shares trade on the Canadian National Stock Exchange (CNSX) under the symbol BKS and in the U.S. under the symbol BRKDF.
For more information visit: www.berkleyresources.com.
ON BEHALF OF THE BOARD
President and Chief Executive Officer
604 248 8731
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