National Solar Power Announces Solar Farm Agreement with Liberty County, Florida

Friday, Jan 27, 2012

National Solar Power today announced the company has entered into a solar farm development agreement with Liberty County, Florida. Under the agreement, National Solar Power will build an up to 100MW solar energy project on property in Liberty County-–adjacent to the company’s Gadsden County, Florida solar farm project. The project, representing a $350 million investment at full build out, is the company’s third in Florida with the others being in Gadsden and Hardee counties.

“Florida is ripe with opportunities to establish successful solar-energy projects. We are thoroughly impressed with the high-level of enthusiasm we’re seeing from economic development, civic and elected leaders across the state”

“Florida is ripe with opportunities to establish successful solar-energy projects. We are thoroughly impressed with the high-level of enthusiasm we’re seeing from economic development, civic and elected leaders across the state,” said National Solar Power CEO James Scrivener. “We are grateful to the Liberty County community for the warm welcome it has extended to us and stand ready to work with our new partners to build our new network of farms and begin harvesting the power of the sun.”

Up to five 200-acre, 20MW farm segments are planned at a cost of $70 million each–-potentially injecting hundreds of millions of dollars in the Liberty County community.

National Solar Power estimates the project will create up to 100 jobs during the five-year construction phase and up to 25 permanent operations jobs. National Solar Power expects the farm will have a three-person maintenance crew, an engineer and security personnel for each 20MW farm segment and estimates the permanent operations jobs will have an average salary of about $40,000 per year.

Once the appropriate local and state permitting process is completed, the first phase of the project is expected to be up and running within six to seven months of breaking ground. Hensel Phelps Construction Co., a world leader in construction that rebuilt the Pentagon after the 9-11 attacks in 2001, will design, build and operate the Liberty County solar farm project for National Solar Power.

As part of the effort to fund its renewable energy infrastructure projects like the solar projects in Gadsden, Hardee and Liberty counties, National Solar Power recently announced the creation of Green Infrastructure Partners, LLC.

Green Infrastructure Partners offers a platform for Institutions and accredited investors to participate in the inevitable transition to a renewable energy infrastructure in the United States, while enjoying competitive risk adjusted returns on their capital. Green Infrastructure Partners, LLC is externally managed and advised by Solar Capital Management, LLC, a wholly owned subsidiary of National Solar Power Partners, LLC.

National Solar Power is negotiating with multiple large financial institutions and private equity investors to provide project financing. The company has entered into an agreement with Progress Energy Florida and is having discussions with other potential customers to purchase power generated by its Florida solar farm projects.

Along with the agreement with Progress Energy Florida, National Solar Power has executed power supply agreements for more than 3,000MW of solar farms in the Southeastern United States. National Solar Power anticipates much of the power produced by its solar farm projects will be used for peak shaving -- particularly energy production that will occur during the summer months.

A market leader in utility scale solar power solutions, National Solar Power is uniquely positioned within the marketplace to offer cost effective solar power solutions on the utility scale. With more than 30 years of industry experience, National Solar Power’s founders have been involved in the solar and utility energy marketplace and have witnessed renewable energy gaining in popularity and affordability. Learn more: www.natlsolar.com.

Source: Business Wire