Gemini Solar Selected to Build 30MW Power Plant for Austin Energy
05 Marzo 2009 - 10:15PM
PR Newswire (US)
Landmark Solar Power Plant to be One of the Largest Photovoltaic
Systems in U.S. SAN FRANCISCO, March 5 /PRNewswire-Asia/ -- Gemini
Solar Development Company LLC announced today that it has been
selected to build a 30 megawatt (MW) photovoltaic solar power plant
for Austin Energy, a municipal electric utility in Austin, Texas.
This landmark solar power plant will be built on 300 acres of
city-owned land located approximately 25 miles east of Austin.
Totaling 30MW, the solar array will be operational by the end of
2010. When completed, the solar generated power will eliminate
approximately 30,000 tons of CO2 per year and provide enough
electricity to power 5,000 homes. "Austin Energy's leadership in
renewable energy is a great example for utilities across the
country," said Kristina Peterson, President of Gemini Solar.
"Gemini is proud to have been selected for this showcase project.
This reflects Austin Energy's strong commitment to the increasing
adoption of renewable energy and is a great step forward for Texas,
a global energy industry leader. Solar is the new cost-effective
energy source," Peterson added. "We hope state policy makers build
on Austin Energy's decision and bring new jobs and clean energy to
Texas with long-term, supportive incentive policies." Gemini Solar
is a joint venture between Suntech Power Holdings Co., Ltd.
(NYSE:STP), the world's largest manufacturer of photovoltaic (PV)
modules, and financier and developer MMA Renewable Ventures, a
subsidiary of Municipal Mortgage & Equity, LLC (OTC:MMAB.PK).
Gemini Solar was formed in October 2008 to develop and finance
photovoltaic projects of 10 megawatts and larger. Gemini Solar will
own and operate the solar power plant and sell the electricity to
Austin Energy under a 25-year non-escalating power purchase
agreement. Suntech's solar panels will be installed in the 30MW
power plant. "By partnering with Gemini on this landmark project,
Austin Energy is demonstrating true vision when it comes to
environmental sustainability," said Matt Cheney, CEO of MMA
Renewable Ventures. "Through a long term power purchase agreement
(PPA), Austin Energy will be able to deploy solar without upfront
installation cost or ongoing maintenance expenses. Customers will
benefit from lower utility costs over the long term, as well as a
cleaner environment." Steven Chan, Suntech's Chief Strategy Officer
and President of Global Sales and Marketing, said, "Suntech has
invested in developing a multi-pronged capability in the U.S. so
that we can provide customers with the full range of solar
solutions from the module to the solar system, to selling energy.
This Gemini Solar project with Austin Energy is a major step
forward in our efforts to bring cost-effective, utility-scale solar
solutions to the U.S." In 2003, the Austin City Council adopted a
strategic energy policy, which calls for the development and use of
clean energy by Austin Energy. A key component of this energy
policy is the commitment towards the development of solar energy
with goals of 30 MW by 2010 and 100 MW by 2020. In 2007, the Austin
City Council launched the Climate Protection Plan initiative which
calls for Austin Energy to develop more aggressive energy
conservation and establishes a goal that 30% of its energy be from
renewable energy resources by 2020. This solar project will make a
major contribution toward these objectives. "Suntech solar panels
have an extensive track record in utility scale solar projects
globally and we are looking forward to putting our reliable and
high performance solar panels to work in Austin," added Mr. Chan.
MMA Renewable Ventures has financed, developed, owns and operates
more than 40MW of solar projects in the U.S., including the 14MW
solar power system at Nellis Air Force Base. About Gemini Solar
Gemini Solar Development Company LLC ( http://www.geminisolar.com/
) combines the forces of two of the most accomplished renewable
energy companies, Suntech Power Holdings Co., Ltd., and MMA
Renewable Ventures. An international innovator known for high
quality manufacturing, Suntech focuses on quality, scale and cost
efficiencies. MMA Renewable Ventures provides structured finance
expertise and a track record in developing and delivering quality
renewable energy projects, including many of the largest in the
U.S. Gemini Solar Development enables investors to participate in
high quality, reliable solar power projects, while helping
utilities meet their RPS (renewable portfolio standard)
requirements. 'Gemini' refers to the fact that the two firms share
a common vision about how the U.S. solar market will develop and
grow. Gemini Solar advances large-scale solar energy deployments to
help address the critical need for renewable power in the United
States. Forward Looking Statement This press release contains
forward-looking statements which can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," estimates" and similar statements. Such
statements involve certain risks and uncertainties that could cause
actual results to differ materially from those in the forward
looking statements. The Company does not undertake any obligation
to update any forward-looking statement as a result of new
information, future events or otherwise. For more information,
please contact: For MMA: Stri Zulch MMA Renewable Ventures Tel:
+1-510-339-1527 Email: For Suntech: In China: Rory Macpherson
Investor Relations Director Suntech Power Holdings, Co. Ltd. Tel:
+86-21-6288-5574 Email: In the United States: Sanjay M. Hurry Vice
President The Piacente Group, Inc. Tel: +1-212-481-2050 Email:
DATASOURCE: Suntech Power Holdings Co., Ltd. CONTACT: For MMA: Stri
Zulch, MMA Renewable Ventures, +1-510-339-1527 or ; For Suntech: In
China, Rory Macpherson, Investor Relations Director of Suntech
Power Holdings, Co. Ltd., +86-21-6288-5574 or and in the United
States, Sanjay M. Hurry, Vice President or The Piacente Group,
Inc., +1-212-481-2050 or for Suntech Power Holdings Co., Ltd. Web
site: http://www.geminisolar.com/
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