NEW YORK, Nov. 14, 2017 /PRNewswire/ -- Sumitomo Corporation of Americas (SCOA), an integrated global trading and investment enterprise with ownership in renewable energy facilities totaling 5,000 megawatts worldwide, is pleased to announce that its wholly owned subsidiary Turquoise Nevada LLC has executed a 25-year power purchase agreement (PPA) with NV Energy, the largest retail energy provider to the state of Nevada. The 50-megawatt Turquoise Nevada project has been jointly developed with Estuary Capital Advisors, an independent renewable energy development firm.
Turquoise Nevada will serve a major northern Nevada energy customer using NV Energy's innovative NV GreenEnergy Rider program. NV Energy has requested approval from the Public Utilities Commission of Nevada of the PPA as well as the GreenEnergy Rider agreement with the major customer.
Turquoise Nevada is part of the broader Turquoise Solar development located at the Reno Technology Park in Washoe County, Nevada. The Reno Technology Park is a 2,200-acre industrial park which was conceived and developed by Unique Infrastructure Group of Reno. Prior to execution of the PPA with NV Energy, in late 2016 SCOA and Estuary agreed to supply 10 megawatts of Turquoise Solar's capacity to another major regional energy user. The 10 megawatt agreement has been filed for approval with the relevant public utilities commission. Once completed, Turquoise Solar will be the largest solar development in northern Nevada.
"We are excited to work with NV Energy to help meet its northern Nevada customers' aggressive renewable energy goals," said Bill Cannon, General Manager and Senior Vice President, Environment & Infrastructure Group, Sumitomo Corporation of Americas. "By teaming up with Estuary, our longtime respected partner in Turquoise Solar, along with an experienced and credible off-taker such as NV Energy, northern Nevada's largest solar energy field will surely be a great success."
"We are thrilled to bring northern Nevada's largest solar development to the Reno Technology Park," said Jill Daniel, President, Estuary Capital Advisors. "The greater Reno-Sparks community is showing remarkable growth, innovation, and dynamism. We are excited to be a part of it and have benefited greatly from the support of the community."
As an experienced player in the global IPP (Independent Power Producer) market, SCOA will bring valuable construction and operational expertise to the Turquoise Solar development. SCOA holds various investments in wind and solar projects globally and was an early investor in the Desert Sunlight Solar Farm, a 550-megawatt solar power project constructed in the California desert east of Palm Springs.
SCOA's strong global commitment to the environment is evidenced by its sustainability-focused projects and continued expansion of its renewable energy portfolio. With its global experience in developing, constructing and operating renewable projects, SCOA is an attractive long-term investor to any renewable energy developer looking for a strategic partner.
About Sumitomo Corporation of Americas
Established in 1952 and headquartered in New York City, Sumitomo Corporation of Americas (SCOA) has 8 offices in major U.S. cities. SCOA is the largest subsidiary of Sumitomo Corporation, one of the world's leading traders of goods and services. As an integrated business enterprise, the firm has emerged as a major developer of multinational projects, an expediter of ideas, an important international investor and financier, and a powerful force for distribution of products and global communications through a network of offices worldwide.
SCOA continues to grow its renewable energy business and has extensive experience developing, operating and owning power generating facilities around the world, including wind, geothermal, biomass and solar resources. Investments include the 200MW Mesquite Creek and 120MW Stanton wind projects in Texas; the 845MW Shepherds Flat wind project in Oregon; the 131MW Cimarron II and 168MW Ironwood wind projects in Kansas; and the 550MW Desert Sunlight solar project in California. For more information visit www.sumitomocorp.com.
About Estuary Capital Advisors
Established in 2013, Estuary Capital Advisors is an independent developer and sponsor of renewable energy projects. Estuary's innovative projects use state-of-the-art technologies and creative commercial structures to meet the specific energy needs of its markets and customers. Estuary develops projects from conceptualization through detailed development through financial close, bringing its institutional legacy and life cycle perspective to create high quality, robust projects. Estuary's principal, Jill Daniel, has over 20 years of experience as a developer, investor, financier, and manager of energy and utility projects. Estuary is a Woman-Owned Business Enterprise ("WMBE") certified by the California Public Utilities Commission. For more information visit www.estuarycapitaladvisors.com.
SOURCE Sumitomo Corporation of Americas