BlueChip Energy Signs 300 Acre Land Lease Agreement with City of Eustis, Florida

 Resolution Paves the Way for Development of 60 MW Solar Farm Expansion in Lake County

 

Lake Mary, FL– January 10, 2012 -  BlueChip Energy, LLC (BCE), a fully-integrated solar energy provider for utility, commercial and residential applications, today announced the signing of a land lease agreement with the City of Eustis in Lake County for 300 acres of land to be developed into a 60 MW solar farm.

The 300 acres property is adjacent to the 40 MW Sorrento Solar Farm now under construction. The combined solar farm of 100 MW will become one of the largest solar power plants in the U.S. upon completion.  BlueChip Energy previously secured connection to the power grid through agreements with Progress Energy and SECO.

“This agreement is beneficial for both the City and BlueChip,” said Paul Berg, Eustis City Manager.  “It provides BlueChip a location with immediate access to the grid, and the City benefits from using alternative energy source to power its water and wastewater facility as a portion of BlueChip’s lease payment.  Ultimately, the lease will provide over $150,000 in payments to the City for the use of the property, and the energy provided will be fully renewable over a long period of time.”

A resolution of the City Commission of the City of Eustis authorized the mayor to execute a commercial lease with BCE for a wastewater spray field property. The city owns the 300 acres of land and no longer needs all of the property for spraying.

BlueChip Energy, LLC (BCE) is a fully-integrated solar PV power generator, occupying all segments of the solar power value chain, from manufacturing of solar panels and balance of systems components, to the sale of turnkey solar power plants – and electricity – to utility, commercial and residential customers. BCE develops finances, constructs, operates, and monitors solar plants for companies and individuals, as well as for its own portfolio.

BlueChip Energy’s two flagship utility scale solar projects, the Rinehart Solar Farm (10 MW) and the Sorrento Solar Farm (40 MW), received approval from the Federal Energy Regulatory Commission (FERC) as self-certified small power production facilities, or Qualified Facilities (QFs) in 2011, requiring the local utility to provide interconnection to them and purchase the electricity they produce. Additionally, these two solar farms have received approval to operate as Exempt Wholesale Generators (EWGs), providing the facilities with undisputed access to the power distribution network. FERC has also granted the company Market-Based Rate Authorization, allowing BCE to purchase and sell wholesale electricity and offer renewable energy products to customers.