Sep 15 2010
Sterling Alternative Energy (Sterling AE), a Texas based company, has signed an accord with the Chinese Government for the construction of a 2,500 MW solar farm to be located in the deserts of Mongolia. The project is a part of the proposed 11,950 MW green renewable energy solar park projected for Ordos City in internal Mongolia.
The signed agreement will allow Sterling AE to penetrate the growing solar market of China that is accelerated due to the policy announcement of the government on renewable energy development. The Fiscal terms of the agreement is yet to be finalized due to the pending announcement of the Chinese government’s feed-in-tariff to pay increased tariff for the energy developed from renewable energy sources. While speaking on the project costs, a spokesman from Sterling AE said constructing a plant of such a magnitude will cost around $5 billion to $6 billion if constructed in USA while in China it may cost less. On completion, this project will provide renewable electric power to approximately 3 million homes in China. The project is planned to use photovoltaic panel technology that is cost effective and environment friendly.
Johnathan Orgill, deputy chairman of the company, equated the project with a nuclear power scale project. He added that the 2 GW project will prove to be economically viable when connected to the grid and establishes the fact that large scale solar projects really perform the work.
Source: http://www.sterlingaegroup.com/