Monday, November 22, 2010

One of the Largest Solar Power Purchase Agreements Announced

Martifer Solar and Silverado Power Announce One of the Largest North American Solar Photovoltaic Power Purchase Agreements in 2010 with Southern California Edison

Martifer Solar and Silverado Power have signed Power Purchase Agreements (PPAs) with Southern California Edison (EIX 37.85, -0.11, -0.29%) for 113 MWp of solar PV projects. These joint-venture projects, slated for completion in 2013, are primarily in Los Angeles County, and are forecasted to supply clean power to thousands of homes via a 20 year contract with Southern California Edison (SCE). This news closely follows an announcement today of the projects from SCE.

"This is an important milestone for Martifer Solar, since it will allow us to significantly expand our PV portfolio in a market with great growth potential," said Henrique Rodrigues, CEO of Martifer Solar.

The Martifer Solar-Silverado Power joint-venture projects received the largest allocation of SCE's Renewable Standard Contract program, representing over 40 percent of the contracted capacity. The 113 MWp agreements consist of nine projects within close proximity to major utility lines in Southern California. The deal is part of a growing portfolio of over 400 MW of utility-scale projects in development for Martifer Solar and Silverado Power within the United States.

"These projects are a first step in bringing local job growth to Los Angeles County by building clean energy generation facilities," said John Cheney, CEO of Silverado Power.

The Renewable Standard Contract program is a voluntary effort from SCE to procure renewable power from small to mid-sized generation facilities. Hans Isern, Vice President of Engineering for Silverado Power, stated "We are excited to work with SCE to bring cost-competitive renewables online quickly. SCE's Renewable Standard Contract program offers an important mechanism to meeting California's renewable and distributed energy goals."


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