PsomasFMG Wins $20 Million Power Purchase Agreement From Orange County, California

SANTA ANA, Calif., Feb. 23, 2011 /PRNewswire/ -- PsomasFMG, an emerging leader in the development of turnkey solar solutions, recently signed a Power Purchase Agreement (PPA) valued at approximately $20 million with Orange County, California.  PsomasFMG will design, engineer, build, operate and maintain a solar power system that may range up to 4 MW and be installed at approximately seven sites.

The PPA will lock in stable electricity costs, and is expected to reduce the County's expenditures on energy.  Over the term of the 20-year PPA, it is estimated that the County could save as much as $5.3 million from a 4 MW installation and by purchasing electricity from the system as compared to the expected costs for electricity supplied by Southern California Edison.  

"Orange County's Power Purchase Agreement with PsomasFMG represents a great partnership and big step forward in the County's solar power generation efforts," said Supervisor Bill Campbell, chairman of the Orange County Board of Supervisors.  "It also paves the way for the County becoming a national leader in clean renewable energy."

The solar energy project will provide green electricity to County facilities, and is expected to help stimulate the local economy by creating approximately 290 jobs.  The solar power system will feature photovoltaic (PV) panels mounted atop carport structures, as well as a ground-mounted system at one of the sites.  The solar power system is expected to be fully operational by fourth quarter of 2011.  

"The installation of the 4 MW solar power system is another smart move for the County as we work to reduce energy costs," said James Campbell, manager, Land Development and Renewable Energy Initiatives, Orange County Public Works.  "This project helps to meet the County's goal of providing an infrastructure that can be replicated by local municipalities in this market."

The Orange County project is one in a string of recent deals for PsomasFMG.  The fast-growing company is currently working with multiple public entities and institutional clients on solar installations totaling 25 MW, and it will begin construction on another 10 MW during the fall of 2011.  Last year— for the Antelope Valley Union High School District—the solar developer designed, engineered, financed, constructed and began to operate the largest school-based solar project to date in the United States.

"Orange County is just the latest government taking the smart step of working with us to both reduce their energy costs and their carbon footprint," said Paul Mikos, executive vice president of PsomasFMG.  "With absolutely no money down from our client, we develop and build the entire project, and our clients reap the benefit of lower and more stable electricity bills."

About PsomasFMG

PsomasFMG provides affordable solar systems to its clients by utilizing a combination of engineering knowhow, private investor financing, and federal and state subsidies.  The company is a joint-venture between Psomas Renewables, LLC, a subsidiary of the consulting engineering firm Psomas, and First Management Group, LLC, a diverse partnership of veteran CEOs who have managed numerous ventures through complete business lifecycles.    

PsomasFMG has the ability to provide turnkey solar solutions from project conception and system design to financing, installation, operation and maintenance.  In 2010, PsomasFMG developed, financed, constructed and began operating a $53 million, 9.6MW installation for the Antelope Valley Union High School District, the largest solar power installation at a single school district in the United States.  In total, the company is actively developing approximately $140 million of projects in 47 locations

PsomasFMG is headquartered in downtown Los Angeles and has regional offices in Orange County, North Los Angeles County and Riverside County.  For more information about PsomasFMG, go to http://www.psomasfmg.com or call (213) 223-1470.  

SOURCE PsomasFMG