Fotowatio has agreed to purchase the core US solar power assets - including the largest US solar photovoltaic installation, at Nellis Air Force base - of San Francisco-based MMA Renewable Ventures.
Upon completion of the sale, Fotowatio's US business unit, Fotowatio Renewable Ventures, will be one of the largest solar development companies in the United States as measured by megawatts in operation. Fotowatio will own 35 megawatts of solar projects in operation and more than 400 megawatts in development in the United States, and will gain one of the country's most experienced solar development and operations teams.
In addition to the 14-megawatt project at Nellis Air Force base in Nevada, the US-wide portfolio will include the nation's most visible solar array - at Denver International Airport - the world's largest thin film solar installation using CIGS technology - in Arizona - solar panels on the roofs of Colorado parking garages and solar arrays that power a California rice farm.
"This acquisition will significantly expand Fotowatio's portfolio, allowing us to meet our aggressive growth targets earlier than anticipated," said Rafael Benjumea, CEO of Fotowatio. "With the addition of MMA's assets and talented development team, we will be poised to expand in fast-growing markets in the United States, Spain and Italy."
Fotowatio has invested more than US$880 million (700 million euros) in solar projects since 2006 and plans to invest up to US$3.2 billion (2.5 billion euros) by 2012 in Spain, Italy and the United States.
Following completion of the acquisition of MMA Renewable Ventures, Fotowatio's global portfolio will include more than 130 megawatts of operating solar projects in the United States and Spain and more than 1,000 megawatts under development across the United States, Spain and Italy.
With no fuel cost or emissions, Fotowatio's expanded portfolio will produce clean energy and avoid more than two million tons a year in greenhouse gas emissions compared to conventional fossil fuel technology.
"Fotowatio is a company of the highest quality and together with our team we are now poised to dramatically grow our US solar portfolio," said Matthew Cheney, Chief Executive Officer of MMA Renewable Ventures.
Fotowatio's US business unit will focus exclusively on the development of commercial- and utility-scale solar projects throughout the United States. As an independent solar power producer, Fotowatio Renewable Ventures will develop, own and operate solar power plants and provide clean electricity to its customers under long-term contracts.
"This acquisition will make Fotowatio one of the largest solar companies in the rapidly growing US market, underscoring the company's strong leadership and business development skills," said Inigo Olaguibel, a member of Fotowatio's Board of Directors.
Fotowatio's purchase of MMA Renewable Ventures' solar platform is its third in the past seven months. In January 2009, Fotowatio acquired a 6.3 MW solar project in Spain from Solaria. In September 2008, Fotowatio acquired from Corporacion Gestamp four solar photovoltaic power plants producing 32 megawatts in Spain.
Fotowatio's shareholders include Qualitas Venture Capital (33.5%), GE (NYSE:GE - News) unit GE Energy Financial Services (32%), Grupo Corporativo Landon (17.5%) and the management team (17%).
Source - Solardaily
Showing posts with label Solar project. Show all posts
Showing posts with label Solar project. Show all posts
Tuesday, 3 March 2009
Thursday, 6 November 2008
Inner-City College Solar Project Major Step Toward Energy Independence
As we find ourselves faced with escalating fuel costs and depleting natural resources, the clamor for answers is growing every day. With its latest inner-city solar project at L.A. Southwest College (LASC), the Los Angeles Community College District (LACCD) is doing more than just listening to the call for action -- it is continuing its ambitious move toward ultimately declaring energy independence for the entire district.
LASC's new four (4) megawatt (MW) solar project, which was designed and constructed by Chevron Energy Solutions, marks another major milestone in LACCD's sustained efforts to make its colleges carbon neutral through its Renewable Energy Plan.
This new project also solidifies the District's commitment to "greening" the inner-city, and will serve as a living model for under-served students, allowing them to study renewable technologies as it relates to design, construction, chemistry and physics.
Earlier this year, in partnership with Chevron Energy Solutions, the District unveiled a 1.2 MW project at East L.A. College -- another inner-city campus. Both projects will serve to prepare students for the "green collar" jobs of the 21st century.
When completed, the District's projects will comprise one of the largest urban solar generation facilities in the United States.
"This project is another major push toward our ultimate goal to declare our energy independence and foster awareness of green concepts and technology in traditionally underserved areas," said Dr. Marshall Drummond, chancellor, Los Angeles Community College District.
"We are energized by Southwest's project, as it gives us an exciting chance to highlight the District's commitment to building green and to developing a new pipeline of eco-conscious workers for the green workforce."
The LACCD spends approximately $12 million annually on energy; LASC spent $1.8 million in 2007 alone. The first phase of LASC's green-energy program will allow the College to save the District $280,000 per year and meet all of the school's electric needs by generating more than 5 million kilowatt-hours of electricity.
The photovoltaic farms will consist of two (2) MW arrays mounted atop five carport structures, one (1) MW integrated onto building rooftops and one (1) MW installed on ground-mounted arrays with tracking systems.
In total, the campus will gain four (4) megawatts of solar power, which is expected to offset production of 3,800 tons of carbon dioxide emissions annually - equivalent to removing 1,050 cars from the road. Both phases of the project are expected to be completed by the end of 2009.
LASC is also going to be utilizing additional green energy technologies, including Urban Wind Generation, which is designed to capture the accelerated wind currents as they sweep between and over campus buildings. Initially, the College is planning on installing a small array of six one (1) kilowatt units, with more units planned over time.
A Geothermal Heat Exchange system will also use the natural constant ambient temperature of the Earth to heat in the winter and cool in the summer. The process works in much the same way as standard air conditioner, except a geothermal system uses water or loop fluid that remains at a constant temperature.
"I'm proud of the steps the District has taken to be a leader in the area of clean energy," said Kelly G. Candaele, president, Board of Trustees, LACCD. "Each energy project we unveil is a tangible symbol of the commitment we have made to operate better as a District and cause less negative impact on our environment
and our future."
LASC is also requesting a $1.4 million financial incentive over a five year period from the California Solar Initiative Program for the Photovoltaic Phase of the program.
The Program offers customers installing up to one (1) MW of solar panels a financial incentive based on performance, which can be used to offset the cost of the system over a five year period. Additional funding will be pursued for the renewable component of the program through State, Federal and Utility agencies.
Through the District's continued partnership with Chevron Energy Solutions, it has been able to meet its energy independence goals. Chevron Energy Solutions has developed hundreds of projects involving energy efficiency or renewable power for education, government and business customers in the U.S. since 2000.
"The Los Angeles Community College District and other educational institutions are using solar projects to reduce their carbon footprint, achieve cost savings and teach their students about renewable energy," said Jim Davis, president of Chevron Energy Solutions. "We are delighted to be a partner in this clean energy program."
Source - Solardaily
LASC's new four (4) megawatt (MW) solar project, which was designed and constructed by Chevron Energy Solutions, marks another major milestone in LACCD's sustained efforts to make its colleges carbon neutral through its Renewable Energy Plan.
This new project also solidifies the District's commitment to "greening" the inner-city, and will serve as a living model for under-served students, allowing them to study renewable technologies as it relates to design, construction, chemistry and physics.
Earlier this year, in partnership with Chevron Energy Solutions, the District unveiled a 1.2 MW project at East L.A. College -- another inner-city campus. Both projects will serve to prepare students for the "green collar" jobs of the 21st century.
When completed, the District's projects will comprise one of the largest urban solar generation facilities in the United States.
"This project is another major push toward our ultimate goal to declare our energy independence and foster awareness of green concepts and technology in traditionally underserved areas," said Dr. Marshall Drummond, chancellor, Los Angeles Community College District.
"We are energized by Southwest's project, as it gives us an exciting chance to highlight the District's commitment to building green and to developing a new pipeline of eco-conscious workers for the green workforce."
The LACCD spends approximately $12 million annually on energy; LASC spent $1.8 million in 2007 alone. The first phase of LASC's green-energy program will allow the College to save the District $280,000 per year and meet all of the school's electric needs by generating more than 5 million kilowatt-hours of electricity.
The photovoltaic farms will consist of two (2) MW arrays mounted atop five carport structures, one (1) MW integrated onto building rooftops and one (1) MW installed on ground-mounted arrays with tracking systems.
In total, the campus will gain four (4) megawatts of solar power, which is expected to offset production of 3,800 tons of carbon dioxide emissions annually - equivalent to removing 1,050 cars from the road. Both phases of the project are expected to be completed by the end of 2009.
LASC is also going to be utilizing additional green energy technologies, including Urban Wind Generation, which is designed to capture the accelerated wind currents as they sweep between and over campus buildings. Initially, the College is planning on installing a small array of six one (1) kilowatt units, with more units planned over time.
A Geothermal Heat Exchange system will also use the natural constant ambient temperature of the Earth to heat in the winter and cool in the summer. The process works in much the same way as standard air conditioner, except a geothermal system uses water or loop fluid that remains at a constant temperature.
"I'm proud of the steps the District has taken to be a leader in the area of clean energy," said Kelly G. Candaele, president, Board of Trustees, LACCD. "Each energy project we unveil is a tangible symbol of the commitment we have made to operate better as a District and cause less negative impact on our environment
and our future."
LASC is also requesting a $1.4 million financial incentive over a five year period from the California Solar Initiative Program for the Photovoltaic Phase of the program.
The Program offers customers installing up to one (1) MW of solar panels a financial incentive based on performance, which can be used to offset the cost of the system over a five year period. Additional funding will be pursued for the renewable component of the program through State, Federal and Utility agencies.
Through the District's continued partnership with Chevron Energy Solutions, it has been able to meet its energy independence goals. Chevron Energy Solutions has developed hundreds of projects involving energy efficiency or renewable power for education, government and business customers in the U.S. since 2000.
"The Los Angeles Community College District and other educational institutions are using solar projects to reduce their carbon footprint, achieve cost savings and teach their students about renewable energy," said Jim Davis, president of Chevron Energy Solutions. "We are delighted to be a partner in this clean energy program."
Source - Solardaily
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