2013-04-10 08:42:55 -
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 MW(AC )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 CO(2) 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,
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
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Source: Renewable Energy Corporation ASA via Thomson Reuters ONE