James Miller, CEO of GiraSolar, stated: "We believe that the entry into and execution of new supply contracts proves that the GiraSolar group is able to maintain a strong position and establish a national presence in Spain through its sales support branch that was established last year, intensive networking and strategic partners in the market, despite increased and intense competition on the Spanish market since the Company's entry in 2006."

Prepayments have been received in full and the first significant deliveries to Alternativa Energetica, a solar (PV) project developer in Spain, have been made. Project installation is expected to progress favorably during the coming months with follow-up deliveries planned until the end of H1/08.

Wieland Koornstra, Chairman of GiraSolar, Inc. and CEO of GiraSolar BV, added: "This particular contract to supply system components is being announced now after we have completed our first deliveries according to schedule. We are proud to have completed this delivery on time especially since silicon, wafer, cell and module supply remain stressed, primarily due to increased pressure from the Spanish market because of deadlines to finish projects.

"While the silicon supply crisis - relative to industry demand - continues, we intend to maintain our policy of announcing contracts upon the successful start of execution, instead of upon signing contracts."

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