Satcon to Power North America’s Largest Single Rooftop Solar Array
American Capital Energy Chooses Satcon PowerGate(R) Inverters for
2.36 Megawatt Atlantic City Convention Center Solar Photovoltaic Power System
Boston, MA, Aug 20, 2008
Source: Satcon Technology Corp. press release
http://investor.satcon.com/releasedetail.cfm?ReleaseID=328978
Satcon Technology Corporation (NASDAQ CM: SATC), a leading provider of utility scale distributed power solutions for the renewable energy market, announced today a 2.36 megawatt award from American Capital Energy of North Chelmsford, Massachusetts for the Atlantic City Convention & Visitors Authority (ACCVA). The solar project, which will use 13,321 rooftop mounted panels on top of the Atlantic City Convention Center (ACCC), will be developed through a 20-year Power Purchase Agreement (PPA) with Pepco Energy Services, a subsidiary of Pepco Holdings, Inc. The installed system, which will use Satcon’s 500kW PowerGate(R) high efficiency inverters, will be the largest single roof-mounted solar array in the United States, and is projected to provide the ACCC with energy savings of $4.4 million over the 20 years.
“It is critical that all components selected for our Convention Center project meet two objectives,” said Tom Hunton, President of American Capital Energy. “First, given the scale of the project, all components must be proven technology of the highest quality to assure optimal generating capability. Second, the reliability of each component in the power generation chain is paramount to providing maximum long term system viability. Satcon brings the technology and proven solutions that will enable us to accomplish this.”
“The ACCVA project demonstrates the increasing demand for our photovoltaic inverters to be used in larger, utility scale installations in North America,” said Steve Rhoades, Satcon’s President and Chief Executive Officer. “This demand is further reflected in the upward trend in our backlog for these products. To date, our net backlog is approximately $49 million, with approximately 59% coming from PV and fuel cell inverter orders. At the end of the second quarter of 2008, our backlog was approximately $45 million, inline with our backlog for the past four quarters. This clearly shows the strength of our backlog and the growing demand for our photovoltaic and fuel cell solutions as utility scale installations become the global trend.”
“The ACCVA is leading the way for the U.S. alternative energy market,” continued Rhoades. “Satcon is excited to be working closely with the ACCVA and American Capital Energy to deliver reliable and efficient energy, and enable them to achieve and exceed their financial goals.”
Under the PPA, Pepco will build, operate and maintain the solar plant, while American Capital Energy will function as the general contractor for the project, which relies on Satcon PowerGate(R) inverters to convert the power from DC to AC and connect the ACCC to the power grid. The inverters will boost energy harvested by sunlight from the rooftop PV panels and provide ACCC with clean, renewable power. Construction of the array began during the month of June and is anticipated to be complete by December 31, 2008.
About Satcon
Satcon Technology Corporation (NASDAQ CM: SATC) is a leading provider of utility scale distributed power solutions for the renewable energy market, enabling the industry’s most advanced, reliable and proven clean energy alternatives. For over 22 years, Satcon has designed and delivered the next generation of efficient energy systems for solar photovoltaic, stationary fuel cells, wind-turbines, and energy storage systems. To learn more about Satcon, please visit www.Satcon.com.
About American Capital Energy
American Capital Energy provides full-service solar energy project integration and installation for large commercial enterprises. The company is committed to furthering the utilization of solar energy by America’s most forward thinking companies by offering customized turnkey solar systems designed for long term performance and verifiable return on investment. For more information, visit www.americancapitalenergy.com.