Cyclone Power Technologies Files Quarterly Report on Form 10-Q and Releases Progress Letter to Shareholders
- Category: Press Releases
22 May 2012
- Published on Tuesday, 22 May 2012 13:47
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Solar power-focused independent power producer K Road Power acquired a 25-megawatt solar photovoltaic project in Modesto, California from SunPower Corp.
The McHenry Solar Project, designed by SunPower, is currently under construction. Under the acquisition deal, K Road will own the project as SunPower provides operational and maintenance services.
The project starts commercial operation in September. Power generated will be sold to the Modesto Irrigation District under a 25-year power purchase agreement. It will generate the equivalent amount of power for around 6,000 homes.
K Road has arranged non-recourse construction and term project financing for the McHenry project with a syndicate of Union Bank, N.A., Rabobank and CIT Energy.
"The McHenry Solar Project is a world-class solar project and this acquisition represents K Road's commitment to own and operate a diversified portfolio of solar PV generating assets under long-term supply relationships," said William Kriegel, K Road's chief executive.
The project will be using SunPower’s Oasis Power Plant product, a fully integrated modular solar power block that integrates the company’s system and its solar panels. The tracker system, solar panels and related infrastructure are shipped pre-assembled to the jobsite for quick installation.