Solar Trust of America, an integrated solar power solutions provider that developed the Blythe Solar Power Project, the biggest solar power production facility in the world, declared that it has contracted a letter of intent with SolarHybrid to organize a joint venture known as SolarHybrid of America.
SolarHybrid of America, the new company, which will come into being after the finalization of negotiations, will be engaged in formulating, constructing and managing utility-level solar power projects in North America. It will develop stand-alone type of photovoltaic constructions as well as concentrate on projects that will have Concentrated Solar Power (CSP) and photovoltaic installation in a single location. According to Uwe T. Schmidt, Solar Trust of America’s Chairman and CEO, the developing of PV and CSP installations in tandem instead of utilizing a single technology enables cost- effective production ratios. The new company will operate from the Oakland office owned by Solar Trust. Other terms of the contract were not revealed.
Earlier, the Department of Energy has made a conditional assurance for a federal loan guarantee valued at $2.1 billion for funding the first phase of its 1,000 MW Blythe Solar Power Project incorporating CSP technology and located in Riverside County, California.