Tuesday, April 17, 2012

Silverado Power Announces New Power Purchase Agreement With Pacific Gas & Electric

SAN FRANCISCO--(BUSINESS WIRE)--Silverado Power has announced signing a new power purchase agreement (PPA) with Pacific Gas and Electric Company (PG&E) for a solar energy project in Lancaster, California. The project will generate 20 megawatts of clean, domestic power for distribution by PG&E, the contract term extends for 20 years.

“We are pleased to secure this contract for a high quality project that will help meet demands for California’s renewable energy generation,” said Jim Howell, Executive Vice President of Development for Silverado Power. “The Antelope Valley is an ideal location for solar development given its natural resources, transmission infrastructure, and the support of the local community and political leaders.”

California investor-owned utilities are required to procure 33 percent of their power from eligible-renewable resources by 2020. The PPA will be subject to approval by the California Public Utilities Commission.

The PPA covers Silverado’s Western Antelope Blue Sky A project, which is currently undergoing environmental review procedures. The project is estimated to create approximately 75 jobs and provide enough power for about 4,300 homes.

“We pride ourselves on our comprehensive approach to siting solar projects. We carefully select disturbed or abandoned lands that have minimal biological or cultural resources, and that are near existing transmission infrastructure. This helps us produce the most cost-effective, environmentally-sensitive, community-friendly projects possible,” said Howell.

Silverado Power develops utility scale solar photovoltaic ground-mounted systems. The company is based in San Francisco, California and has a large solar project portfolio. It is backed by the Martifer Group, a multinational energy and infrastructure company.

“The Antelope Valley is creating a strong local workforce to support this new green economy, and the region will benefit greatly from Silverado’s job creation and economic investment impacts,” added Howell.

About Silverado Power

Silverado Power is one of the nation’s fastest growing 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. 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.