Sustainable Power Signs $65 Million Utility Solar Deal

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.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Will Wade, Jim Efstathiou Jr.

About BloombergNEF

BloombergNEF (BNEF), Bloomberg’s primary research service, covers clean energy, advanced transport, digital industry, innovative materials and commodities. We help corporate strategy, finance and policy professionals navigate change and generate opportunities.

Available online, on mobile and on the Terminal, BNEF is powered by Bloomberg’s global network of 19,000 employees in 176 locations, reporting 5,000 news stories a day.
 
Sign up for our free weekly newsletter →

Want to learn how we help our clients put it all together? Contact us