Fotowatio Renewable Ventures, Inc. (FRV) and SCE Sign Power Purchase Agreement (PPA) for 120 MW of Solar Projects
SAN FRANCISCO, Jan. 10, 2011 /PRNewswire/ -- Fotowatio Renewable Ventures, Inc. (FRV) an independent power producer, announced today that it has signed power purchase agreements (PPAs) for four solar photovoltaic (PV) projects with Southern California Edison (SCE). The four solar installations in Los Angeles and Kern counties are expected to generate 120 megawatts (MW) of clean energy, or enough power for 78,000 homes. FRV plans to finance, develop, construct, own and operate the facilities.
"Utility-scale solar is an important element in reaching California renewable energy goals," said Marc Ulrich, SCE vice president, Renewable and Alternative Power. "FRV will help SCE continue to be the largest purchaser of solar power in the United States and we're delighted to contract with FRV on these projects."
"SCE is a true leader in promoting the use of alternative forms of energy in California, and FRV is pleased to partner with them to deliver new, cost-effective supplies of solar power to their customers," said Jose Benjumea, CEO, FRV, USA. "These projects represent a wonderful collaboration for FRV and SCE that will not only help California meet its renewable energy goals but also provide significant economic benefits to Los Angeles and Kern Counties. This collaboration solidifies FRV's position as one of the leading solar developers in the U.S. and adds to our attractive portfolio of contracted projects."
The PPAs include one 60 MW and two 20 MW installations in Kern County, and one 20 MW installation in Los Angeles County. The projects are due to come online in 2013. The projects will connect with existing transmission lines.
SCE, a subsidiary of Edison International (NSYE: EIX) is the nation's leading utility for renewable energy. In 2009, SCE delivered 13.6 billion kilowatt hours of renewable power to its customers, about 17 percent of its total power portfolio. Today's announcement marks the first alliance for FRV and SCE.
About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation's largest electric utilities, serving a population of nearly 14 million via 4.9 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
FRV is a global independent power producer that develops, owns and operates solar power plants. It is one of the largest solar power companies in the world with over 230 MW in operation and construction, and more than 2,200 MW under development. FRV is a pioneer in U.S. solar project development having built the country's first utility-scale power plant in 2007. FRV develops solar projects using a robust and disciplined development process supported by core competencies across the project lifecycle including, site acquisition, interconnection, financing and plant development. FRV strives to develop environmentally friendly solutions and has received strong support from leading U.S. environmental groups. FRV has offices in Madrid (Spain), San Francisco (U.S.), and Torino (Italy), and is owned by GE Energy Financial Services, Landon Group, and Qualitas Venture Capital.
SOURCE Fotowatio Renewable Ventures, Inc.