BlueChip Energy Signs Agreement to Acquire Land for 40 Megawatt Solar Farm in Florida Expected to Be One of the Largest PV Solar Plants in the United States

 

Lake Mary, FL., March 7, 2011 – BlueChip Energy™ (BCE), a provider of complete solar energy solutions, today announced that it has signed an agreement to acquire land in Central Florida for the development of a 40 megawatt (MW) capacity solar farm.

The largest photovoltaic (PV) solar plant in the State of Florida and the third largest in the United States when completed, the 40 MW Sorrento Solar Farm will generate an estimated 64 million kilowatt hours annually — enough to fulfill the average annual electricity needs of as many as 8,000 typical Florida households.

The solar farm will be a ground-mount system covering 140 acres of open field in Lake County, Florida. The proposed site is located 50 miles northwest of Orlando adjacent to two utility substations. The project will deploy an estimated 140,000 solar modules and will be built in stages. The company had originally planned to lease the property but later decided to purchase the land to enhance the “bankability” of the project.

“As an independent power producer (IPP), BCE supports the objective of economically and environmentally reducing Florida’s dependence on fossil fuels and achieving goals for renewable energy generation. This project is our commitment to provide solar energy for the Sunshine State,” said Demitri Nikitin, President and CEO.

The power produced is intended to be sold locally and regionally under power purchase agreements. The project is estimated at $200 million and will create 150 local construction jobs. Solar modules and racking systems will be provided by Advanced Solar Photonics (ASP), the manufacturing subsidiary of BCE, for 75% of the project. The remaining 25% is expected to be provided by additional equity partners. BCE is currently developing a 10MW solar farm in Central Florida.

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 solar electricity — to residential, commercial, and industrial customers. BCE develops, finances, constructs, operates, and monitors solar plants for companies and individuals. The company is also a licensed provider of renewable solar energy as a qualifying power production facility with the right to sell electricity to a utility.