NTR's Calico Solar Project Sold With Mixed Solar Technology to Be Deployed
December 29 2010
NTR plc’s solar development company, Tessera Solar, announced today the execution of an agreement with K Road Sun, LLC transferring ownership of the 850 MW California based Calico Solar Project to K Road, a leading energy investment firm. The transaction both monetises value in Calico Solar while ensuring the continued construction and operation of the solar project. The value of the transaction was not disclosed.
“The Tessera Solar team has created one of the premier permitted solar sites in the U.S. and we are very pleased that power developers of the quality of K Road will see the Calico Solar project through to fruition;” said NTR CEO, Jim Barry. “Following the recent decision to delay the original deployment schedule of SunCatchers, the Tessera Solar team moved quickly to both monetise the value of the project and to ensure that it will deliver its full potential of solar power in the near-term.”
K Road intends to deploy both photovoltaic and Stirling Energy System’s SunCatcher technology on Calico Solar. 100MW of the project are reserved for the SunCatcher technology.
“We are excited to move the Calico Project into its next phase of development and we look forward to developing, constructing, and operating one of the world’s largest solar projects;” said K Road’ s Managing Partner Gerrit Nicholas.
Calico Solar is a fully permitted facility with an interconnection agreement for 850 MW. Key Tessera Solar staff related to the Project are transitioning to K Road to maintain project knowledge and consistency.
About NTR plc
NTR plc, the international renewable energy group, builds and runs green energy and resource-sustaining businesses. Founded in 1978, NTR has evolved from being a developer and operator of infrastructure in Ireland to an international developer and operator of renewable energy (wind, solar and ethanol) and sustainable waste management businesses in the USA and Ireland. The Group employs over 2,000 people. www.ntrplc.com
About K Road Power
K Road Sun is a subsidiary of K Road Power. K Road Power is an independent power developer focused on developing, financing, owning and operating utility-scale solar projects in the southwest of United States. K Road senior management is made up of long time power sector professionals from Sithe Energies and Goldman Sachs. Together K-Road principals, have a 25 year history of successfully developing and safely operating over 15,000 MW of conventional and renewable power assets, creating exceptional value for both shareholders and project stakeholders.
For further information:
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For USA - Brunswick Group, Oliver Philips / Dominic McMullan: Tel + 1 212 333 3810