MADRID, Spain, Aug. 21 /PRNewswire/ -- Grupo Ibereolica has today signed an agreement with Clean Hydrogen Producers of Geneva, Switzerland ('CHP')(OTC: CHPO stock news) outlining the planning, permitting and appraisal of CHP's Solar Water Cracker technology in Spain and Mexico.

The pre-sale agreement details terms that grant Ibereolica an exclusive license right to promote, install and manage solar energy plants in Spain and Mexico, using the CHP Solar Water Cracker, for a period of 20 years.

CHP is a development-phase alternative energy company. Its research is leading to full-scale solar energy production in the form of hydrogen or electricity. CHP's technology uses solar energy to crack the water molecule into hydrogen and oxygen, for a much higher energy conversion rate from solar into electricity. The system is efficient, cheap in production, modular and allows storage of energy for later release.

Ibereolica, founded in 1999, is an established provider of wind energy. Its three wind farms in Zamora and its share in Parque Eolico El Moral are forecast to produce 300 million kWh of electricity in 2007, and Ibereolica has a further 800MW in promotion in Spain and overseas.

In Solar energy, the company has 14 power plants of 50MW each under permitting. Each plant costs euro 250 million. To develop its presence in solar energy, Ibereolica has undertaken an extensive search for appropriate technologies, culminating in location of CHP's superior Solar Water Cracker system.

In Mexico, where Ibereolica has a 100MW wind energy project under permitting, the reduced installation cost of CHP's technology will allow the company to enter the solar energy arena, and solicit and build numerous solar projects.

David Gomez, CEO of Grupo Ibereolica, said: 'We believe that CHP's technology, if successfully developed, could represent a very big milestone for renewable energies. It combines the cost efficiency of wind farms with the advantage of being both predictable and adjustable thanks to hydrogen storage.'

He added: 'It is one of the few renewable technologies that aren't sensitive to the stability of power lines. This permits widespread implementation, even in areas with weak electrical infrastructure.

'Certifying a prototype with CHP could reduce Ibereolica's project installation costs by a factor of three, and enable us to comfortably surpass 1.000MW installed capacity. We are happy to have the license for Spain, a leading country in renewable energy. This combined with Spain's privileged solar radiation makes for a very promising business opportunity.'

About Grupo Ibereolica: Ibereolica is an alternative energy company based in Madrid, Spain. Over the next five years, Ibereolica plans to roll out multiple mass solar energy generation plants, taking advantage of the excellent conditions in Spain and Mexico for such projects. Grupo Ibereolica website: http://www.grupoIbereolica.com/.

SOURCE Grupo Ibereolica