Lincoln Renewable Energy signs power sales contracts for 37.5 megawatts of California solar projects

CHICAGO, Nov. 5, 2012 /PRNewswire/ -- Lincoln Renewable Energy ('LRE'),  a developer of U.S. solar and wind projects, today announced it has entered into 20-year power sales agreements with Southern California Edison ('SCE') to deliver electricity from its Marathon (25 MW dc) and the neighboring Agincourt (12.5 MW dc) solar power plants. Both projects are located in San Bernardino County, Calif., and will go into construction in 2013.  

"With its huge solar resources, California represents an enormous opportunity for solar power developers and customers alike," said Declan Flanagan LRE CEO. "California customers will benefit from the low-cost, fixed-price, clean and native energy these two projects will produce for decades to come."

Flanagan added, "Building on the success of our New Jersey Oak Solar project earlier this year, LRE is now one of the very few large-scale solar companies with a successful track record coast-to-coast."

When completed, the combined California solar projects – the 25-megawatt DC Marathon and the 12.5-megawatt Agincourt – will deploy more than 150,000 solar panels and produce enough electricity annually to power 14,000 households. Only four projects operating in the U.S. today are larger.

"2013 is shaping up as a busy year for LRE. In addition to $100 million of capex on our solar projects, multiple wind projects are ready to execute power contracts and enter construction if Congress extends the Production Tax Credit as soon as possible," Flanagan said.

LRE has more than 400 megawatts of solar projects in mid- and late-stage development in California and more than 1,000 megawatts of solar in development across the U.S. as well as more than 1,000 megawatts of wind power projects. Founded in 2009, the company has raised more than $100 million in external financing to fund its growth and is developing more than 30 solar and wind projects in 11 states managed from offices in Chicago, Austin, and Denver.

About Lincoln Renewable Energy

Lincoln Renewable Energy develops utility-scale solar and wind power projects from greenfield concept to commercial operation. The company is developing projects across the United States. Its management team has a proven track record in renewable-energy development. Their efforts have led to the construction of more than 3,000 megawatts of renewable energy in North America and Europe over the past 10 years. For more information, please visit www.lincolnrenewableenergy.com.

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SOURCE Lincoln Renewable Energy