Teanaway Solar Reserve Takes Major Step Forward

CLE ELUM, Wash., Feb. 3 /PRNewswire/ -- The Teanaway Solar Reserve has selected Washington-based Potelco Inc., a Quanta Services, Inc. (NYSE: PWR) company, as an equity partner and contractor for the design and construction of a proposed photovoltaic (PV) solar project to be located 90 miles east of Seattle. Teanaway Solar Reserve and Potelco signed a Memorandum of Understanding under which the parties have agreed to negotiate a contract for engineering, procurement and construction (EPC) services for the 75 megawatt solar facility that is expected to be the largest PV solar project in the Pacific Northwest to date. Potelco also intends to provide construction financing for the project. The contract and equity arrangements are subject to final terms and conditions to be negotiated.  

"We are very excited about this landmark project and are eager to work with the community to generate renewable energy for the state and job opportunities for Cle Elum and Upper Kittitas County," says Gary Tucci, CEO of Potelco.

This announcement signals Teanaway Solar Reserve's readiness to hire, train and break ground as soon as Kittitas County issues a permit. Once the project is ready to commence, Potelco plans to hire locally and provide the training necessary to complete the entire range of jobs required for installation of the 400,000 solar panels.

"We're looking forward to working with a company with the caliber of Potelco that brings a local workforce, global expertise and the ability to deliver a high-quality and cost-effective utility-scale solar solution," remarked Howard Trott, managing director for the Teanaway Solar Reserve. "We feel very confident in Potelco's ability to put people to work and assist in getting this project off the ground to make solar work for all of us."

Project Highlights:

• total estimated project cost of $300 to 350 million
• potential for 225 jobs during a two-year construction period, including groundmen, linemen, electricians, operators, engineers, project managers
• committed to local hiring and job training

Potelco has been building the infrastructure that delivers electric power, natural gas and telecommunications services to the Northwest for 49 years, has a reputation for deploying safe, cost-effective solutions and is uniquely equipped to oversee this project. As a subsidiary of Quanta Services, Inc., the company has access to the expertise of a national network of infrastructure services and leverages Quanta's proven track record for making utility-scale solar a reality. Quanta Services is the leading specialty utility contractor in the United States and part of Standard & Poor's flagship S&P 500 stock index. The company's portfolio of work includes the provision of full turnkey EPC services for PV solar facilities across Arizona, California, Colorado, New Jersey, Nevada and North Carolina.

The Teanaway Solar Reserve is a photovoltaic (PV) solar generation reserve, designed to produce 75 megawatts of direct current power—enough to supply about 45,000 households—making it the largest solar project ever proposed in the Pacific Northwest and putting Kittitas County on the cutting edge of the energy revolution. Howard Trott of Kirkland, WA is the Managing Director of the project with more than 20 years of experience of developing and operating a wide range of real estate investments and ventures with an express concern for environmental sustainability and green technologies.

Quanta Services is a leading specialized contracting services company, delivering infrastructure network solutions for the electric power, natural gas and pipeline and telecommunication industries. The company's comprehensive services include designing, installing, repairing and maintaining network infrastructure nationwide. Additionally, Quanta licenses point-to-point fiber optic telecommunications infrastructure in select markets and offers related design, procurement, construction and maintenance services. With operations throughout North America, Quanta has the manpower, resources and expertise to complete projects that are local, regional, national or international in scope.

Media inquiries please contact Dave Pringle at Strategies360 -- 206.282.1990

Quanta Services contact: Reba Reid --713.629.7600, [email protected]

For more information visit www.teanawaysolarreserve.com and www.quantaservices.com

This press release contains forward-looking statements regarding the parties' plans and intentions, which may be affected by risks and uncertainties that are difficult to predict or beyond the parties' control, including that the project is not permitted or does not otherwise move forward as expected or that the parties are not able to agree on final terms and conditions of the arrangements referenced herein.

SOURCE Teanaway Solar Reserve