New Energy Solar acquires majority interest in two SunPower projects in US
Australia's New Energy Solar has acquired a majority interest in two large-scale solar projects developed, designed, and built by SunPower.
With a total power generation capacity of more than 134MW, the two solarfarms are located in Kern County, California. While retaining an ownership interest in the projects, SunPower will also be responsible for providing ongoing operation and maintenance services.
Called Stanford and TID, the solar generating stations have power generation capacity of 67.4MW each.
Under a long-term agreement, Stanford University will be able to buy the entire power and renewable energy credits (REC) generated from Stanford solar generating station. The power and RECs generated from TID solar generating station will be supplied to US-based water utility company Turlock Irrigation District (TID).
New Energy Solar's chief executive officer (CEO) Tom Kline said: “We believe the quality of these projects, both in terms of SunPower's leading technology and their highly creditworthy off-takers, make them excellent additions to our portfolio.
Stanford University and TID will use generation from the two projects to cater to electricity requirements about 300 miles away. SunPower's senior vice-president Nam Nguyen said: “Stanford University and TID are using an innovative model called off-site solar to meet their renewable energy goals and serve their constituencies with cost-competitive emission-free solar power.
“Off-site solar allows for land-constrained organisations to benefit from the economies of scale achieved with larger solar installations.”
SunPower has deployed the SunPower Oasis Power Plant technology at the two project sites that would enable quick and cost-effective installation of large solar projects, while optimising power generation as well as land use.
While construction of the projects commenced in the middle of last year, the two solar farms are expected to begin commercial operation this month.