MidAmerican Solar Acquires Antelope Valley Solar Projects from SunPower (SPWR)
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Today, MidAmerican Solar, a subsidiary of MidAmerican Renewables, and SunPower Corp. (NASDAQ: SPWR) announced MidAmerican Solar's acquisition from SunPower of the 579-megawatt Antelope Valley Solar Projects (AVSP), two co-located projects in Kern and Los Angeles Counties in Calif. Together, the two combined projects will form the largest permitted solar photovoltaic power development in the world and will create an estimated 650 jobs during construction.
The Antelope Valley Solar Projects will provide renewable energy to Southern California Edison (SCE) under two long-term power purchase contracts approved by the California Public Utilities Commission.
SunPower developed the co-located Antelope Valley Solar Projects over the last four years. At the 3,230-acre site, SunPower will install the SunPower® Oasis® Power Plant product, fully integrated, modular solar technology that is engineered to rapidly deploy utility-scale solar projects while minimizing land use. The Oasis product uses high-efficiency SunPower solar panels mounted on SunPower® T0 Trackers, which position the panels to track the sun during the day, increasing energy capture by up to 25 percent. In addition, SunPower will be the engineering, procurement and construction contractor and will operate and maintain the facility via a multiyear services agreement. Construction of the solar project is scheduled to begin in first quarter 2013, with the plants expected to be complete by year-end 2015.
AVSP has secured final conditional use permits and has completed full environmental review pursuant to the California Environmental Quality Act.
According to estimates provided by the U.S. Environmental Protection Agency, the project is expected to offset more than 775,000 tons of carbon dioxide emissions per year, which is equivalent to removing almost three million cars from California's highways over 20 years of the plant's operation.
The Antelope Valley Solar Projects will provide renewable energy to Southern California Edison (SCE) under two long-term power purchase contracts approved by the California Public Utilities Commission.
SunPower developed the co-located Antelope Valley Solar Projects over the last four years. At the 3,230-acre site, SunPower will install the SunPower® Oasis® Power Plant product, fully integrated, modular solar technology that is engineered to rapidly deploy utility-scale solar projects while minimizing land use. The Oasis product uses high-efficiency SunPower solar panels mounted on SunPower® T0 Trackers, which position the panels to track the sun during the day, increasing energy capture by up to 25 percent. In addition, SunPower will be the engineering, procurement and construction contractor and will operate and maintain the facility via a multiyear services agreement. Construction of the solar project is scheduled to begin in first quarter 2013, with the plants expected to be complete by year-end 2015.
AVSP has secured final conditional use permits and has completed full environmental review pursuant to the California Environmental Quality Act.
According to estimates provided by the U.S. Environmental Protection Agency, the project is expected to offset more than 775,000 tons of carbon dioxide emissions per year, which is equivalent to removing almost three million cars from California's highways over 20 years of the plant's operation.
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