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Renewable Energy Corp ASA's Joint Venture Sells North Star Project to First Solar Inc

Wednesday, 10 Apr 2013 02:40am EDT 

Renewable Energy Corp ASA (REC) announced that NorthLight Power, a joint venture 60%-owned by REC and 40% by Summit Power Group, LLC, announced the sale of the 60 MWAC North Star project in Fresno County, California, the United States 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 solar power plants. Terms of the transaction were not disclosed. 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 carbon dioxide (CO2) 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. 

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19 Dec 2014