Mar 1 2011
PsomasFMG, a leading turnkey solar solution provider, has entered into a $20 million Power Purchase Agreement (PPA) with Orange County in California for designing, engineering, building, operating and maintaining a 4 MW solar power unit, which would be installed in seven different sites.
As per the terms of the PPA, the solar system would reduce the energy costs for the county and create savings as much as $5.3 million during the next twenty years.
Supervisor Bill Campbell, the Chairman of the Orange County Board of Supervisors has remarked that this PPA between the County and PsomasFMG would be a great milestone for the solar power generation efforts carried out by the County. This would also help the County to lead the clean renewable energy segment in the nation. This project would not only provide clean green power to the County facilities but also usher in about 290 new jobs for the local community, thus boosting the local economy. The solar system would include PV panels, which are installed on carport structures and also a ground mounted system and is expected to start functioning by the end of 2011.
James Campbell, who is a Manager at the Land Development and Renewable Energy Initiatives, Orange County Public Works, has stated that the County’s installation of the 4 MW solar power system was a great achievement and would help in reducing energy expenses. This would also prove to be a model for other municipalities to emulate.
PsomasFMG has also entered into many other deals along with this project. The company was currently working along with several institutional clients and multiple public entities on solar installations totaling up to 25 MW. Another 10 MW is also in the offing during the fall of 2011. In 2010, PsomasFMG had designed, financed, engineered and constructed a solar project for the Antelope Valley Union High School District, which was considered to be the largest school- based solar installation in the US.
According to Paul Mikos, Executive Vice President of PsomagFMG, Orange County had made a smart move to reduce energy expenses and their carbon footprint by roping in their company. They were developing and building the entire project with absolutely no down payments from the County and this would help the County to gain the benefits of both low and stable electricity bills.
Source: http://www.psomasfmg.com/