KERN COUNTY, Calif., June 3, 2011 /PRNewswire/ -- Greenleaf-TNX and Cenergy Power are pleased to announce that they have reached definitive agreement for the development, funding, and construction of a 1.75 MW solar power facility in Kern County, California, known as the 'Nickel 1' solar facility.
(Photo: http://photos.prnewswire.com/prnh/20110603/LA13925)
"The aim of California's current Feed-In Tariff program is to help the state meet its renewable energy mandates without excessively increasing the cost of electricity to consumers," notes Bill Pham, CEO of Cenergy Power. "This has been a very difficult balance to strike for solar projects, as there have been very few successfully commissioned solar projects under this program since its commencement in February 2008. With innovative and well-intentioned partners like Greenleaf, however, the sustainable development and construction of small distributed solar power plants can now become a reality in California. We intend to build many more solar power plants of this nature with Greenleaf in the foreseeable future."
"We are extremely pleased to be working with Cenergy Power to finance and own one of California's first small-generator feed-in projects. Together with our partner, Chaori Solar, we are happy to promote the use of solar energy and increase employment opportunities for American workers," said Tom Yap, Partner at Greenleaf-TNX Management. Charlie Fiechter, Partner at Greenleaf-TNX Management, said, "Despite the challenging environment, I am honored that we have been able to provide the financing for this project in partnership with Cenergy. The success of financing and constructing such projects will be a powerful influence towards meeting grid parity with renewable technologies inside the U.S." Don Danh, Senior Vice President and Head of Emerging Markets at East West Bank are working closely with the project team for their banking needs.
This project is now fully entitled and will begin construction this summer. Interconnection is scheduled for early 2012. Once completed the facility will generate approximately 3000 megawatt-hours a year of clean energy, offsetting approximately 6,500,000 pounds of CO2 released annually.
About Cenergy Power:
Cenergy Power is a clean power solutions company comprised of seasoned power system professionals and financial experts focused on one thing: delivering unmatched value to commercial, agricultural and utility customers interested in solar photovoltaic solutions. To learn more about Cenergy, please contact: info@cenergypower.com or visit www.cenergypower.com.
About Greenleaf-TNX:
Greenleaf-TNX Management is a renewable energy asset management firm. The firm's mission is to move renewable energy investments into the mainstream. Greenleaf-TNX partners with 'best of breed' operators to operates projects with world-class expertise. The firm both originates and finances renewable projects and owns and operates down-stream renewable energy assets. For more information, please email: info@greenleaftnx.com.
About Chaori Solar
Founded in 2003, Shanghai Chaori Solar Energy Science & Technology Co. Ltd is one of the first Chinese companies to concentrate on the photovoltaic industry. With investment focus on research and development of crystalline silicon cells, solar panels and photovoltaic systems, Chaori Solar has evolved as one of the most recognized names in producing quality solar cells and modules. For more information please visit: http://www.chaorisolar.com.
About East West Bank
Founded in 1973, East West Bank is recognized as the premier bridge between East and West, and is acknowledged for delivering relationship-driven financial solutions to a diverse and sophisticated customer base. For more information, please visit: http://www.eastwestbank.com
SOURCE Cenergy Power
