WEST PALM BEACH, USA: Energy 5.0 LLC announced that on December 15, 2009, the Florida Public Service Commission approved E5.0's contract with Tampa Electric Co. to purchase solar power supplied by the Energy 5.0 Florida Solar I Project, a planned 25 megawatt solar PV electric generating station.
For a 25-year period beginning in 2011, Tampa Electric will purchase the entire electrical output from FS-I. The FPSC's approval provides Tampa Electric full rate recovery of the costs associated with the power purchase agreement executed with Energy 5.0 in February 2009.
Under the terms of the Energy 5.0-Tampa Electric agreement, E5.0 will construct, own and operate the renewable energy generating station. At a fixed price per kilowatt hour over the life of the contract, E5.0 will deliver the full output of the facility to Tampa Electric along with all the environmental attributes associated with that energy.
The project is expected to produce enough energy to power 3,400 households and its clean technology will avoid the emission of more than 1.2 million tons of CO2 over the 25 year contract term.
The Florida Solar I Project will be located in Polk County on a site of approximately 350 acres of reclaimed phosphate mine land. Preparation of permit applications is underway, as is the work necessary to design an interconnection to the Tampa Electric system.
E5.0 plans to select a PV technology and contractor to execute the design, procurement and installation of the facility based on a competitive bid process planned for the first quarter of 2010 with construction expected to commence in the fall next year.
Bud Cherry, Chairman and CEO of Energy 5.0 said: "We are extremely pleased with the thoughtful and constructive decision of the Florida Public Service Commission. The E5.0 team is very excited to be working with Tampa Electric to help make renewables a reality in Florida. Solar power is one of the keys to developing a balanced generation portfolio and thereby, an energy independent future. This approval is an important and positive step forward for Floridians and the rest of the country towards achieving that goal."
Energy 5.0 LLC, headquartered in West Palm Beach, Florida, develops, finances, constructs, and operates renewable energy production facilities. Founded by energy industry professionals with extensive industry experience, Energy 5.0 delivers value to its investors and customers through excellence in management, diligence in performance and creative application of environmentally beneficial, advanced technology.
Tampa Electric is the principal subsidiary of TECO Energy Inc., an integrated energy-related holding company with regulated utility businesses, complemented by a family of unregulated businesses. Tampa Electric is a regulated utility with both electric and gas divisions (Tampa Electric and Peoples Gas System).
Other subsidiaries are engaged in coal, and electric generation and distribution in Guatemala.