(Bloomberg) — Sustainable Power Group, an independent
power producer backed by Fir Tree Partners, signed three 20-year
agreements to sell electricity from solar farms in California.
The power-purchase contracts with Edison International and
PG&E Corp. cover power plants with 11.7 megawatts, 4 megawatts
and 3.7 megawatts of capacity, the Salt Lake City-based company,
said in a statement Friday. Terms weren’t disclosed.
“The California market continues to represent one of the
most attractive opportunities in utility-scale solar,”
Sustainable Power Chief Executive Officer Ryan Creamer said in
the statement. “As the industry matures and costs decrease,
efficiencies are allowing us to develop renewable facilities
that can compete with conventional energy options.”
The solar farms are expected to be operational next year
and generate enough electricity for more than 2,500 homes.
U.S. photovoltaic installations this year may exceed 8.7
gigawatts, up from 6.3 gigawatts in 2014, according to data
compiled by Bloomberg New Energy Finance.
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Justin Doom in New York at
jdoom1@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Jim Efstathiou Jr., Will Wade