Jan 9 2015
Coronal Group LLC (Coronal) announced that it has acquired a 35-megawatt solar farm located near Tucson, Ariz. The 225-acre Avalon Solar Project generates enough emission-free solar energy to power 5,620 homes through Tucson Electric Power.
Panasonic Eco Solutions (Panasonic), a unit of Panasonic Corporation of North America, is overseeing the operations and management of the project. Coronal is the owner and manager of the asset.
"Avalon marks a new milestone for us as it is the first solar project fully owned, operated and managed by the Coronal-Panasonic platform, a model we expect to expand in the coming year," said Jonathan Jaffrey, Coronal's CEO and managing director. "Equally important, this project underscores the strength of the Coronal-Panasonic platform and leadership role we are taking in the utility scale market throughout North America."
The Coronal-Panasonic team brings its expertise in solar engineering, finance, operations and management to corporate end-users, institutions, public sector organizations and utilities. The one-stop-shop model provides a streamlined, end-to-end renewable energy solution that is an efficient and reliable platform to lower energy costs.
"The Avalon project is an excellent complement to our existing portfolio," said Jamie Evans, managing director and head of U.S. Eco Solutions at Panasonic. "Panasonic is one of North America's largest participants in the solar sector, and our mix of projects across North America shows the promise of the solar industry, and the success of the Coronal-Panasonic platform."
The Avalon Solar Project, which includes 114,720 solar panels, was developed by Clenera Renewable Energy (Clenera). It was built by general contractor Swinerton Renewable Energy under the direction of Clenera Renewable Energy and Panasonic including the design, engineering and construction of the project. Sumitomo Mitsui Banking Corporation was the financing provider for the project sale to Coronal.
The Avalon Solar Project started producing solar power in December 2014. It is expected to save 57,660 tons of carbon dioxide from being released into the environment, the equivalent of taking 12,140 cars off the road annually.
For additional information, please visit www.CoronalGroup.com.
Source: http://www.CoronalGroup.com