Stirling Energy Systems announces $100 Million Investments for large scale PV power generation
Large Scale Solar Generation to Become Reality
Source: Stirling Energy Systems, Inc press release / 17 April 2008
http://www.stirlingenergy.com/downloads/
17-April-2008-Stirling-Energy-Systems-Announces-$100-Million-Investment-by-NTR-plc.pdf
Stirling Energy Systems, Inc. (SES), a Phoenix-based developer of utility-scale solar powered electricity generation plants, today announces an agreement for NTR plc, a leading international developer and operator in renewable energy and sustainable waste management, to invest $100 million and take a controlling interest in the company. SES is developing two of the world’s largest solar generating projects in the Imperial Valley
and Mojave Desert to bring clean, renewable power to Southern California. The partnership with NTR provides SES with the financial strength and commercial expertise to deliver these projects.
SES is the innovator of the highly efficient concentrating solar energy technology called the SunCatcher. The SunCatcher combines a mirrored concentrator dish with a high-efficiency Stirling engine specially designed to convert reflected sunlight to electricity. The technology has been in testing for several years at the US Department of Energy’s Sandia National
Laboratories in Albuquerque, New Mexico.
SES has long term, Power Purchase Agreements (PPA’s) with two of California’s leading utilities, San Diego Gas & Electric (SDG&E) and Southern California Edison (SCE). Combined, the two projects will initially produce 800 megawatts (MW) of power and up to 1,750 MW with contract extensions when the plants are fully constructed. “This is a very exciting investment for NTR,” said Jim Barry, Chief Executive of NTR plc. “In SES, we have a partner with high growth potential and a leading cost position in the fast growing concentrating solar power sector. We are pleased that the first two projects are in California which has provided the leadership to make solar energy investments attractive.”
“SES is now poised to move to the next stage in its commercialisation plan,” said SES President and Chief Executive Bruce Osborn. “The investment by NTR will give SES access to the development, commercial and financial expertise and resources required to commercialize the SunCatcher and build out our solar projects. NTR’s experience and proven commercial track record in the renewables sector make it an ideal partner for SES.”
“Solar is one of California’s great untapped renewable resources,” said Al Fohrer, Chairman and CEO of Southern California Edison. “This investment will help SES fulfil the promise of producing competitively priced solar power for SCE’s customers. We look forward to working with NTR and Stirling to enhance our renewable energy portfolio.”
“We are delighted by the news of NTR’s partnership with SES,” said President and Chief Executive of San Diego Gas & Electric, Debra Reed. “We have long been a strong supporter of SES and its SunCatcher system. We look forward to the investment and the support NTR will bring to the project. The Imperial Valley project will help us provide a much needed renewable option for supplying the peak power demand for our region.”
About NTR plc
NTR plc is a leading international developer and operator in renewable energy and sustainable waste management. Founded in 1978, the company has evolved from being a developer and operator of infrastructure in Ireland to an international developer and operator of renewable energy and sustainable waste management businesses in the US, UK, Ireland and Continental Europe. The company employs over 2,500 people and has a market capitalization in excess of €1.3 bn ($2 bn).
Through Greenstar, its sustainable waste management business, it is the largest integrated waste management company in Ireland and the largest privately owned recycler in both the UK and the US. NTR’s wind development subsidiary, Airtricity, was recently sold to a combination of E.On and Scottish and Southern Energy for €1.8bn ($2.7bn)
About Stirling Energy Systems
SES was formed in 1996 to develop and commercialize advanced solar technology. The company maintains corporate headquarters in Phoenix, Arizona, project and technical development offices in Tustin, California, and engineering and test site operations at Sandia National Laboratories in Albuquerque, New Mexico. The SES SunCatcher is a concentrating solar power (CSP) technology that uses mirrors to concentrate the sun’s energy and convert it to electricity. CSP technologies include dish systems, parabolic troughs, power towers and concentrating photovoltaic.
The dish concentrator tracks, collects and focuses the sun’s energy and the Stirling engine converts the thermal energy to grid quality electricity. The SunCatcher technology has significant advantages including power conversion efficiency, cost competitiveness and low water usage. The SunCatcher is a zero emission renewable energy technology.
More information can be found at http://www.ntr.ie/ and http://www.stirlingenergy.com