A total of four systems will be installed, with the generated electricity – around 160 million kilowatt hours annually – to go to SMUD under a 20 year contract. In July, 2010, SMUD signed multiple power purchase agreements with Recurrent Energy under its first feed-in tariff program.
Construction on the first three projects is scheduled for completion early next year, while the fourth system will come online at a later date.
The projects will be financed through a combination of debt and equity. In assistant treasurer to Google, Axel Martinezs blog, it was said that the internet company will supply US$94 million in equity investment to what represents its first utility-scale photovoltaics project.
The remaining funds will come from SunTap Energy RE LLC, a new venture formed today by KKR. Its aim is to invest in U.S. solar projects. According to a statement released, "To establish SunTap, KKR committed $95 million line of equity, a portion of which will be drawn for this investment. The rest of the equity will be invested in similar projects."
The news comes just a day after Recurrent Energy said it had secured $250 million to execute a 200 MW photovoltaics pipeline in Ontario.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.