Blue Earth, a provider of renewable energy and energy efficiency solutions, has bagged the rights to build a 497 kW solar PV project in Hawaii. The project value is estimated at US $2 million approximately. It involves the commissioning of a solar PV system to be mounted on the ground.
The project incorporates a power purchase agreement already in effect with the Hawaiian Electric Company (HECO). In order to carry out the engineering, construction, operation and maintenance of the solar PV plant, a special purpose entity (SPE) called Waianae PV-2 has been established. The SPE is wholly owned by Blue Earth. The power purchase agreement between the SPE and HECO is valid for 20 years. The power will be supplied in terms of kilowatt-hours of electricity.
The Renewable Energy Portfolio Standard in the United States is the largest for Hawaii. By 2030, Hawaii is expected to have 40% of its energy needs fulfilled by renewable sources. The Feed-In-Tariff (FIT) program of HECO is intended to promote renewable energy projects in Hawaii. Renewable energy can be sold to HECO as per standardized FIT contract conditions at already established FIT rates.
The construction of the Waianae PV-2 solar system is expected to commence by the third quarter of 2012 and is scheduled to be finished by the first quarter of 2013.
Source: http://www.blueearthinc.com/