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
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 visit www.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 visit www.summitpower.com to learn more about Summit Power Group.