NorthLight Power, a joint venture 60 percent owned by Renewable Energy Corporation ASA(REC) and 40 percent by Summit Power Group, LLC, announced the sale of the 60 MWAC North Star project in Fresno County, California 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 large solar power plants. Terms of the transaction were not disclosed.
"After successfully completing the project development phase from first conception through feasibility studies and permitting we are happy that the North Star project will now enter into the next phase of realization," says Arndt E. Lutz, SVP NAFTA and Caribbean, REC.
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 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.