Silverado Power and San Diego Gas & Electric Announce New Power Purchase Agreements
Apr 3, 2012
SAN FRANCISCO, April 3, 2012 /PRNewswire/ -- Silverado Power and San Diego Gas & Electric (SDG&E) today announced that SDG&E has signed two new power purchase agreements (PPAs) with Silverado Power subsidiaries Western Antelope Dry Ranch LLC in Lancaster, Calif., and Victor Mesa Linda B LLC in Victorville, Calif., for a total of 15 megawatts (MW) of solar energy.
Both contracts are for 20 years and each requires approval from the California Public Utilities Commission.
The project in Lancaster will generate 10 megawatts of renewable energy and the project in Victorville will generate 5 megawatts. Collectively, the two projects will generate enough electricity to power 3,225 homes.
"These contracts with SDG&E mean that we are one step closer to delivering cost-effective renewable energy to California residents and businesses," said Hans Isern, chief operating officer for Silverado Power. "Our collaboration with local communities and investor-owned utilities results in sustainable projects that create jobs, reduce greenhouse gas emissions and help meet the increasing demand for clean, renewable energy."
Under California's Renewable Portfolio Standard program, investor-owned utilities are required to procure 33 percent of their power from renewable resources by 2020.
"SDG&E is committed to supporting and developing solar power as part our state's clean energy future," said James P. Avery, senior vice president, Power Supply for SDG&E. "These contracts add diversity to SDG&E's ever-growing renewable energy portfolio that includes wind power, biomass, biogas and geothermal energy."
Silverado's Western Antelope Dry Ranch project in Lancaster and the Victor Mesa Linda B project in Victorville will create a total of 80 construction jobs over the course of construction, which is expected to start in April 2013 and continue through October 2013.
"Both of the projects in the Antelope Valley and Victor Valley will create much needed jobs for local residents," Isern added. "We selected these sites because they have minimal biological and cultural resources and are located near existing transmission infrastructure."
Silverado Power develops utility scale solar photovoltaic ground-mounted systems. The company is based in San Francisco, Calif. and has a large solar project portfolio. It is backed by the Martifer Group, a multinational energy and infrastructure company.
Silverado Power is one of the nation's largest independent solar development companies, providing complete solar solutions for utilities, landowners and communities. Silverado Power delivers a fresh solution to the burgeoning solar market through its unique combination of experience, scale, proprietary industry knowledge and regional know how. Unlike other companies in the solar energy development space, Silverado Power's hands-on approach shepherds the full life cycle of utility-scale solar development—from site acquisition, interconnection and PPA financing, to physical plant development, site ownership and operation. Silverado Power's efforts come at a critical time as the United States aims to reduce its carbon footprint and transition off of fossil fuels. The company's unique approach to developing distributed utility-scale projects will allow it to quickly construct and bring renewable power plants online. For more information, please visit www.silveradopower.com.
SDG&E is a regulated public utility that provides safe and reliable energy service to 3.4 million consumers through 1.4 million electric meters and more than 850,000 natural gas meters in San Diego and southern Orange counties. The utility's area spans 4,100 square miles. SDG&E is committed to creating ways to help customers save energy and money every day. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE San Diego Gas & Electric
For further information: Alison MacLeod, Silverado Power, +1-916-498-7730, or Art Larson, San Diego Gas & Electric, 1-877-866-2066, www.sdge.com, Twitter: @sdge