ROXBORO, USA: Progress Energy Carolinas and Carolina Solar Energy have completed an agreement under which Carolina Solar Energy will design, build and operate a 500-kilowatt (kW) solar photovoltaic (PV) plant on the site of the Person County Business and Industrial Center near Roxboro, N.C., and sell the energy produced to the utility for distribution to its customers.
Carolina Solar Energy will build the solar PV array on about 4 acres on HWY 501 just south of Roxboro. It will use more than 3,250 High Efficiency CS I 200 WATT crystalline PV Solar modules generating approximately 837,000 kilowatt-hours in the first year. The Person County Solar Park will produce energy later this year and is another step in Progress Energy's plans to meet the growing needs of its customers with renewable energy and achieve the goals of North Carolina's Senate Bill 3 energy law, passed in 2007.
"Solar power is an important part of our balanced energy strategy for meeting the region's needs," said Lloyd Yates, CEO and president of Progress Energy Carolinas. "We are continuing to pursue cost-effective solar and other renewable opportunities aggressively, and we expect to announce additional renewable energy investments soon. Meanwhile, we're promoting increased energy efficiency and working to ensure we have state-of-the-art power plants and infrastructure. We will continue to look for new, innovative ways to help meet our customers' needs reliably, affordably and in an environmentally sound manner."
Carolina Solar Energy proposed this latest PV solar project in response to Progress Energy's request for renewable energy proposals issued in 2008. Project financing was secured through a tax advantaged lease from BB&T Equipment Finance Corporation.
"Photovoltaic solar technology has come a long way in the past few decades and there is no longer any doubt that solar power is becoming a viable investment in North Carolina, and will only improve as more projects are deployed, driving prices even lower," said Richard Harkrader, CEO of Carolina Solar Energy, LLC.
Showing posts with label solar JV. Show all posts
Showing posts with label solar JV. Show all posts
Wednesday, April 29, 2009
Solar EnerTech, Jiangsu Shunda in solar JV
MENLO PARK, USA: Solar EnerTech Corp. announced the establishment of a joint venture with Jiangsu Shunda Semiconductor Development Co. Ltd, a leading PV raw material manufacturer, to pursue solar expansion opportunities in the US region.
Jiangsu Shunda is one of the largest polysilicon and wafer manufacturers in China, with an annual production output of approximately 1,500 metric tons of polysilicon.
The US JV company, which will be called Shunda-SolarE Technologies, Inc., is expected to begin operating in early May of 2009. The joint venture is expected to utilize Jiangsu Shunda's strength in polysilicon and wafer supply and Solar EnerTech's advanced solar cell technologies as well as its resources in the US market. Overall, both parties believe the joint venture establishes a vertically integrated operation in the US market with services ranging from the production of polysilicon to ingots and wafers, to solar cells, panels and solar system installation.
Jiangsu Shunda and Solar EnerTech contributed $1.0 million and $0.7 million in cash respectively to the initial setup cost of the JV. Jiangsu Shunda will own 55 percent of the JV company, Solar EnerTech will own 35 percent and the management of the JV will own the remaining 10 percent. Yunda Ni, President of Jiangsu Shunda will serve as the JV Chairman of the Board, Leo Young, CEO of Solar EnerTech will serve as the Board's Vice Chairman. The Board of Directors will be comprised of five seats, three of which will be reserved for Jiangsu Shunda and two for Solar EnerTech. A Chief Executive Officer of Shunda-SolarE Technologies is expected to be identified in the near future.
Leo Young, CEO of Solar EnerTech, commented: "We are extremely pleased to establish this joint venture with Jiangsu Shunda, a highly successful polysilicon manufacturer in China. We have a compelling opportunity to penetrate the US market with the establishment of this JV. Solar EnerTech has strong R&D capabilities supported by an outstanding technical team, and a fully operational US office governed by experienced management whereas Jiangsu Shunda maintains a UL listing, which is instrumental in conducting large scale operations in the US market, and controls the upstream supply which can provide large volumes of silicon feedstock to the JV in order to secure sizeable contract orders in the growing US market. Together, we can more easily penetrate US solar opportunities and establish Shunda-SolarE as a leading brand recognized for high quality solar products and service. We plan on providing investors with additional information on this JV in the coming weeks and months ahead."
Ni, President of Jiangsu Shunda added: "The goal of this joint venture is to build market share in the U.S. and maximize profitability. There is great synergy between both companies as well as with myself and Leo. Together, we believe we have an excellent opportunity to expand our market presence in the U.S. We look forward to a successful venture together."
Jiangsu Shunda is one of the largest polysilicon and wafer manufacturers in China, with an annual production output of approximately 1,500 metric tons of polysilicon.
The US JV company, which will be called Shunda-SolarE Technologies, Inc., is expected to begin operating in early May of 2009. The joint venture is expected to utilize Jiangsu Shunda's strength in polysilicon and wafer supply and Solar EnerTech's advanced solar cell technologies as well as its resources in the US market. Overall, both parties believe the joint venture establishes a vertically integrated operation in the US market with services ranging from the production of polysilicon to ingots and wafers, to solar cells, panels and solar system installation.
Jiangsu Shunda and Solar EnerTech contributed $1.0 million and $0.7 million in cash respectively to the initial setup cost of the JV. Jiangsu Shunda will own 55 percent of the JV company, Solar EnerTech will own 35 percent and the management of the JV will own the remaining 10 percent. Yunda Ni, President of Jiangsu Shunda will serve as the JV Chairman of the Board, Leo Young, CEO of Solar EnerTech will serve as the Board's Vice Chairman. The Board of Directors will be comprised of five seats, three of which will be reserved for Jiangsu Shunda and two for Solar EnerTech. A Chief Executive Officer of Shunda-SolarE Technologies is expected to be identified in the near future.
Leo Young, CEO of Solar EnerTech, commented: "We are extremely pleased to establish this joint venture with Jiangsu Shunda, a highly successful polysilicon manufacturer in China. We have a compelling opportunity to penetrate the US market with the establishment of this JV. Solar EnerTech has strong R&D capabilities supported by an outstanding technical team, and a fully operational US office governed by experienced management whereas Jiangsu Shunda maintains a UL listing, which is instrumental in conducting large scale operations in the US market, and controls the upstream supply which can provide large volumes of silicon feedstock to the JV in order to secure sizeable contract orders in the growing US market. Together, we can more easily penetrate US solar opportunities and establish Shunda-SolarE as a leading brand recognized for high quality solar products and service. We plan on providing investors with additional information on this JV in the coming weeks and months ahead."
Ni, President of Jiangsu Shunda added: "The goal of this joint venture is to build market share in the U.S. and maximize profitability. There is great synergy between both companies as well as with myself and Leo. Together, we believe we have an excellent opportunity to expand our market presence in the U.S. We look forward to a successful venture together."
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