MINNEAPOLIS, Aug. 14, 2012 /PRNewswire/ -- Sunrise Energy Ventures (SEV) announced today that it has been awarded the opportunity to provide solar power at three, 10 megawatts (MW) sites by Indianapolis Power & Light Company (IPL). The power SEV generates at these sites would be purchased by IPL under a 15 year power purchase agreement. The completed combined installations will be the largest in the Midwest to date.
"We are gratified to be awarded this opportunity by IPL. This is a significant project, and SEV is proud to be developing the largest cumulative solar power project in the Midwest," said Dean Leischow, Managing Director of SEV. "The energy generated at these sites is equal to the amount needed to power 7,500 homes."
The IPL project adds significant capacity to SEV's growing solar development portfolio. SEV currently owns and operates a 2.9 MW facility in New Mexico with an additional 2.5 MW under development, providing solar power to Xcel Energy. In North Carolina, SEV developed 5.2 MW under a contract with the Tennessee Valley Authority.
About Sunrise Energy Ventures, LLC
SEV develops, owns and operates commercial to industrial scale solar photovoltaic (PV) equipment. The company combines tax and utility production incentives to fund projects where electrical utilities and the States have a concentrated effort to improve their renewable energy footprint. SEV acts as a development bridge between the investment community looking to grow their renewables portfolio and utilities seeking to increase solar production. www.sunriseenergyventures.com.
About Solar Photovoltaic
Solar Photovoltaic (PV) is an array of cells that collect energy from the sun and convert it into electricity. PV technology has been around for over 100 years and has historically been used to provide enough energy for satellites and spacecraft to orbit the Earth. More recently, however, the majority of PV applications have been grid-connected, such as solar farms or building integrated PV. Solar PV has continued to grow at an unprecedented pace. According to research by the Solar Energy Industries Association, the United States installed 506 MW of capacity in Q1 2012, up 85% from Q1 2011. It predicts the U.S. will connect a total of 1.8 GW of utility PV in 2012, more than double in 2011.
SOURCE Sunrise Energy Ventures, LLC