Thursday, May 14, 2009

BrightSource and PG&E sign 1,310 MW solar power deal

BrightSource Energy announced today that it has entered into a series of contracts with Pacific Gas and Electric Company (PG&E) for a total of 1,310 megawatts (MW) of solar thermal power.

These power purchase agreements, covering seven projects, supersede the agreements PG&E executed with BrightSource in April 2008 for up to 900 MW of solar thermal power.

The first of these solar power plants, sized at 110 MW and located in Ivanpah, California, is contracted to begin operation in 2012. BrightSource will build and place in commercial operation each of its plants as quickly as permitting and infrastructure allow.

All seven projects are expected to produce 3,666 gigawatt-hours of power each year, equal to the annual consumption of about 530,000 average homes.

“Today’s agreements reflect the technological milestones that the BrightSource Energy team has achieved over the past year,” said John Woolard, CEO of BrightSource Energy. “Our technology is setting the bar for efficient production of solar energy. We’re thrilled by the opportunity to help PG&E and other leaders bring energy customers more clean and reliable solar energy.”

“The solar thermal projects announced today exemplify PG&E’s commitment to increasing the amount of renewable energy we provide to our customers throughout northern and central California,” said John Conway, senior vice president of energy supply for PG&E. “Through these agreements with BrightSource, we can harness the sun’s energy to meet our customers’ power requirements when they need it most – during hot summer days.”

BrightSource Energy now has contracted to sell more than 2,600 megawatts of power to be generated using its proprietary solar thermal technology. Headquartered in Oakland, Calif., BrightSource Energy is a privately held company with operations in the United States and Israel.

BrightSource Industries (Israel) Ltd. ("BSII"), formerly known as Luz II Ltd., headquartered in Jerusalem, is a wholly-owned subsidiary of BrightSource Energy. The BSII team provides product development and engineering services, and supplies the solar fields, including heliostats, solar boilers, and control systems for all of BrightSource Energy's projects.

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