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Global solar manufacturer Suntech has been contracted to supply photovoltaic (PV) panels for a 23MW power plant in Niland, California by US project developer SunPeak Solar. SunPeak subsidiary the Imperial Valley Solar Company will oversee installation of the 100,000 units at the 123 acre site.
The North American Development Bank (NADB) will provide a $77.4m credit facility for the development. Electricity produced at the site will be sold to the local utility Imperial Irrigation District (IID), which also has a natural gas facility adjacent to the project.
Mick McDaniel, vice president of the utility sales division for Suntech America, said, 'This well-designed project demonstrates how solar power can efficiently complement existing grid assets, while maximising value for grid operators and off-takers. Solar electricity serves as an effective hedge against volatile fuel prices and can significantly reduce the aggregate costs of electricity generation.'
Geronimo Gutierrez, managing director of NABD, added, 'We are very pleased to participate in this project that will provide a cleaner energy alternative to citizens in Southern California. We have been working to build partnerships in the renewable energy sector, with both public entities and private companies and with the signing of this loan, we are opening a new chapter in the evolution of the bank that will help us move forward in the development of renewable energy projects.'
Suntech recently announced second quarter revenues down five per cent on the first quarter and 33 per cent up on the same period in 2010. In May, the company partnered with SunBorne Energy to target 100MW of solar projects in India and later that month was contracted to supply 190MW of modules for seven European developments.
