sPower, a prominent renewable energy provider, announced a non-exclusive joint development agreement with Hecate Energy, a leading power developer, to develop and own/operate solar PV projects. The first joint initiative is the sale to sPower of a 162MWac portfolio comprised of three projects named Beacon 1, Beacon 3 and Beacon 4. The utility scale projects, near Mojave, CA in Kern County, will be designed and built by Hecate, then jointly owned and operated by sPower and Hecate.
"sPower’s strength comes from delivering on what we promise. We take an entrepreneurial approach that seeks out projects that are not only environmentally and economically feasible, but also move our industry forward – like the Beacon projects”, said Ryan Creamer, sPower’s CEO. “We are excited about the collaborative endeavor with Hecate Energy to develop renewable assets which will bring the nation closer to achieving energy independence."
Groundbreaking is scheduled for 3Q 2015, with COD from March to July 2016. The Beacon projects have 25-year PPAs with the Los Angeles Department of Water and Power, the largest municipal water and power utility in the nation.
“sPower and Hecate Energy have deeply experienced management teams, each with 20+ year track records of success in the energy sector”, said Chris Bullinger, president of Hecate Energy. “We look forward to the opportunity to team with sPower on other important solar projects in the future.”
When fully operational, the Beacon projects will provide enough clean renewable energy for more than 25,500 homes and is expected to reduce carbon emissions by more than 283,500 metric tons annually – the equivalent of removing nearly 60,000 cars from the road each year or keeping 101,000 tons of waste out of landfills.¹About sPower: sPower, an AES and AIMCo company, is the largest private owner of operating solar assets in the United States. sPower owns and operates a portfolio of solar and wind assets greater than 1.5 GW and has a development pipeline of more than 10 GW. sPower is owned by a joint venture partnership between The AES Corporation (NYSE: AES), a worldwide energy company headquartered in Arlington, Virginia, and the Alberta Investment Management Corporation, one of Canada’s largest and most diversified institutional investment fund managers.
About Hecate Energy: Hecate Energy is a leading developer, owner and operator of power plants in North America and internationally. Hecate Energy brings together business acumen, technical understanding and significant experience in the industry to develop world-class power projects. The company specializes in solar and wind power, natural gas plants and energy storage, unearthing creative approaches to structuring PPAs and financing power projects both in the United States and abroad. Hecate Energy believes in collaborative, long-term partnerships with the communities, organizations and countries it serves. www.hecateenergy.com.
¹ U.S. EPA Greenhouse Gas Equivalencies Calculator, based on 411,200,000 kWh annual system production.