IRVINE, Calif., Oct. 13, 2016 /PRNewswire/ -- Vasari Energy, Inc. a California based solar energy provider, signed a contract to purchase 450 acres of land in Maricopa County, Arizona for the development of a project with up to 68 MW of solar power. The project will be developed through Sonoran Solar Development Partners, LLC, a wholly owned development partnership of Vasari Energy Inc.
Once fully permitted and engineered, the Company estimates the selling price will be approximately $13.6 million. Construction is expected to begin in October of 2019, and expected to be operating and delivering power by October of 2020.
"Our development team consists of some of the best environmental experts, transmission engineers and permitting specialists in the industry to allow us to obtain all approvals as quickly as possible," said Sam Lipman, Vice President of Vasari Energy, Inc. "This project will allow Vasari Energy to get closer to its objective of $500 million of solar projects under development in 2017."
Vasari will develop the project and either sell it to a financially capable buyer at the time it is fully engineered and permitted or construct and operate the project creating both economic investment and renewable power.
Vasari's current pipeline of solar energy projects have an estimated power potential of 200 megawatts ("MW") in California, Arizona, Nevada, and Texas, and with a build out value of approximately $280 million. Through its various investments, the Company aims to reach operating capacity of 700 MW by the end of 2020.
Vasari Energy, Inc. is a California-based solar energy provider committed to designing, developing and operating a global network of renewable energy solutions. The Company plays an active role in all phases of renewable energy generation, providing clean and reliable energy solutions that cultivate economic growth and sustainable communities.
SOURCE Vasari Energy, Inc.