REC joint-venture has signed solar power purchase agreement with Pacific Gas & Electric
(Thomson Reuters ONE) -
North Star Solar, LLC, a wholly owned affiliate of NorthLight Power, LLC, has
signed a 60 (ac) megawatt solar power purchase agreement with Pacific Gas &
Electric Company (PG&E). NorthLight Power is a joint-venture between REC and the
Summit Power Group, Inc, and will act as project developer of the North Star
project.
The NorthLight/PG&E power purchase agreement anticipates delivery of electricity
to PG&E based on the construction of the 60 megawatt (ac) North Star solar power
plant in Mendota, Fresno County, California. The North Star solar power plant is
intended to be constructed with solar PV modules manufactured by REC.
The realization of the project is, amongst other things, subject to approval by
the California Public Utilities Commission, completion of CAISO interconnection
studies, and receipt of certain environmental and other permits related to the
site in Fresno County. Realization of the project also requires that NorthLight
Power secures external equity and debt financing for the project on behalf of
North Star Solar. It is not REC's intention to act as equity owner of the
project.
The project is expected to be in operation by the end of the second quarter
2013. NorthLight Power is currently working to select an EPC provider for the
project.
REC is pleased to have established a strong partnership with Summit Power Group
which has an excellent track record of developing large, clean energy projects
in the US.
For further information, please contact:
John Andersen Jr., Executive Vice President & Group COO, tel + 47 90174080
Mikkel Tørud, VP & IRO, tel +47 976 99 144
About REC
REC is a leading vertically integrated player in the solar energy industry. REC
is among the world's largest producers of polysilicon and wafers for solar
applications, and a rapidly growing manufacturer of solar cells and modules. REC
is also engaged in project development activities in selected PV segments.
Founded in Norway, REC is an international solar company, employing more than
4,100 people worldwide. REC had revenues in excess of NOK 9 billion in 2009.
Please visitwww.recgroup.com to learn more about REC.
About Summit Power Group
Summit Power Group, Inc. excels in the innovative development of electric power
projects. Led by experienced professionals with a deep knowledge of the energy
industry in the United States and abroad, Summit Power Group, Inc. has an
excellent track record of successfully leading the development of large, clean
energy projects with over 7 000 megawatts of electric power plants in operation,
and over 1 000 megawatts under development or under construction. Total Summit-
led projects in service or under contract, including O&M agreements, represents
over 9 billion US$ of investments. Please visitwww.summitpower.com to learn
more about Summit Power Group.
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Source: Renewable Energy Corporation ASA via Thomson Reuters ONE
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Datum: 15.11.2010 - 09:51 Uhr
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News-ID 48770
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