Imperial Valley Solar Project Sold to AES Solar
February 17 2011
NTR plc’s solar development company, Tessera Solar, announced today that AES Solar, a joint venture between the AES Corporation and Riverstone Holdings, has acquired the 709MW Imperial Valley Solar Project in California. AES Solar develops, finances, constructs, owns and operates utility-scale solar power plants globally. AES Solar intends to move the project forward and is committed to working with San Diego Gas & Electric (SDG&E) to fulfil its obligations under the power purchase agreement.
The financial terms of the acquisition were not disclosed for commercial reasons.
Commenting on the acquisition, Jim Barry, NTR’s CEO said: “I am very pleased that the Imperial Valley Solar Project will be brought to the next phase of development by AES Solar. They have a significant pedigree in developing solar projects and through their efforts, we are confident that the value created by Tessera Solar in this project will be enhanced for NTR shareholders over time.”
The transaction comes on the back of NTR’s solar manufacturing company, Stirling Energy Systems’ (SES), recent move to delay the original deployment schedule of SunCatchers, ensuring that the project will deliver its full potential of solar power in the near-term. Stirling Energy Systems will continue with the commercialisation of the SunCatcher technology, while also looking for a strategic investor with manufacturing capabilities to support the commercial deployment of the SunCatcher technology.
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Notes to Editors
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
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