Sandvika - April 9, 2013: NorthLight Power, a joint venture 60 percent owned by Renewable Energy Corporation ASA (REC) and 40 percent by Summit Power Group, LLC, today announced the sale of the 60 MWAC North Star project in Fresno County, California to First Solar, Inc. The sale is in line with the strategy of NorthLight Power, which is to focus on the initial development phase of large solar power plants. Terms of the transaction were not disclosed.
"After successfully completing the project development phase from first conception through feasibility studies and permitting we are happy that the North Star project will now enter into the next phase of realization," says Arndt E. Lutz, SVP NAFTA and Caribbean, REC.
Construction of the North Star solar power plant is expected to start in 2014 and to be completed in 2015. When fully operational, it will produce enough clean, renewable electricity to power over 21,000 average California homes while displacing approximately 39,000 metric tons of CO2 per year.
The North Star project is located near the city of Mendota and has a 20-year power purchase agreement with Pacific Gas and Electric Company.
For more information, please contact;
SVP Investor Relations & Business Development
Kjørboveien 29, 1302 Sandvika
Phone + 47 97 69 91 44
In the USA:
Arndt E. Lutz,
SVP NAFTA and Caribbean and President, REC Systems Inc.
1159 Triton Drive Foster City, CA 94404, USA
Phone +1 917 319 8044
REC is a leading global provider of solar electricity solutions. With nearly two decades of expertise, we offer sustainable, high-performing products, services and investment opportunities for the solar and electronics industries. Together with our partners, we create value by providing solutions that better meet the world's growing electricity needs. Our 2,300 employees worldwide generated revenues of more USD 1.3 billion in 2012. To see more of what REC can offer, visit www.recgroup.com.
About Summit Power Group
Seattle-based Summit Power Group, LLC excels in the innovative development of electric power projects. Led by experienced professionals with an extensive knowledge of the energy industry in the United States and abroad, Summit has a remarkable track record of developing large, low-carbon energy projects, with over 7,000 megawatts of electric power plants that it has developed for its clients in operation, and over 2,000 MW in development or under construction. Total Summit-led projects in service or under contract, including O & M agreements, represent over 7 billion dollars of investment. For more information about Summit Power Group, please visit: www.summitpower.com