Nov. 24 (Bloomberg) — Sustainable Power Group has agreed
to provide Salt River Project, an Arizona utility, 45 megawatts
of capacity from a solar farm it’s developing in the state.
Under a 21-year contract worth about $65 million,
Sustainable Power will supply electricity at 5.3 cents a
kilowatt-hour, the Tempe, Arizona-based utility said in a
statement on its website. Salt River Project pays an average of
about 4 cents a kilowatt-hour for power during peak periods.
“In time, the price we will pay for energy from the
Sandstone solar plant will actually be less than some of our
traditional resources,” Salt River Project Deputy General
Manager John Sullivan said in the Nov. 20 statement.
The Sandstone solar plant will be built on 300 acres near
Florence, about 60 miles (97 kilometers) southeast of Phoenix,
and is expected to be complete by the end of next year.
Sustainable Power Group is a Salt Lake City-based electricity
producer backed by Fir Tree Partners.
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Justin Doom in New York at
To contact the editors responsible for this story:
Reed Landberg at
Will Wade, Jim Efstathiou Jr.