sPower, a prominent renewable energy provider, today announced its collaboration with Solairedirect, a growing solar company operating across four continents, to develop and own/operate solar photovoltaic (PV) projects in the US. The first initiative is sPower’s purchase from Solairedirect of a 26.5MWac project named Adera. The utility scale project, near Fresno, Calif., in Madera County, will be designed and built by Solairedirect USA Inc. and then owned and operated by sPower.
"We’re pleased to partner with best-in-class companies like Solairedirect,” said Ryan Creamer, sPower’s CEO. “The Solairedirect group shares our vision to develop projects that not only move the renewables industry forward but which also support our community partners. The Adera facility will provide local jobs and economic benefits while promoting a sustainable future for the area.”
Groundbreaking on the Adera facility is scheduled for 2Q 2015, with the commercial operation date (COD) expected mid-December 2015. The project has a 20-year PPA with Southern California Edison (SCE).
“Solairedirect is proud to team up with a market leader such as sPower for its first project in the US. This is a key milestone in a strategy designed to bring competitive solar to power users across four continents,” commented Solairedirect Chairman and CEO, Thierry Lepercq.
When fully operational, the Adera facility will generate enough clean, renewable energy for nearly 3,000 homes and is expected to reduce carbon emissions by more than 31,000 metric tons annually – the equivalent of greenhouse gas emissions from 75 million miles driven by an average car.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 Solairedirect: Solairedirect is a solar power company operating across four continents. The company was founded in 2006 with the mission of making solar power more competitive than other energy sources. Solairedirect has developed a distinctive scalable business model as a 100% solar power company with the aim of creating value all along the value chain from development to construction, services and investment. Solairedirect had revenues of €156m in the fiscal year ended March 31, 2014 and has achieved a 45% compound annual revenue growth rate over its last five fiscal years. www.solairedirect.com
¹ U.S. EPA Greenhouse Gas Equivalencies Calculator, based on 45,916,000 kWh annual system production