New Zealand power company Meridian Energy has purchased Cleantech America, Inc., a San Francisco-based developer of utility scale photovoltaic solar farms.
Meridian is a government-owned enterprise and the largest electricity generator in New Zealand that generates power only from renewable resources.
“This acquisition enables us to extend our expertise into the U.S. market to implement renewable energy projects in California,” said Meridian Chief Executive Tim Lusk. “Moving into the U.S. represents a very important step for Meridian and for the first time, adds solar to our renewable portfolio. This experience will allow us to enhance our position and build on our expertise, that will ultimately see us bringing solar to the New Zealand market."
Cleantech America’s first project is the five-megawatt (MW) CalRENEW-1 photovoltaic solar facility in Mendota, CA. Electricity from the project will be sold to Pacific Gas & Electric Co. (PG&E) under a long-term power purchase agreement.
Bill Barnes, CEO of Cleantech America, Inc., noted that the benchmark for renewable energy development in California and elsewhere has become project viability.
“Meridian is known worldwide for its expertise in developing, financing, building and operating large scale wind and hydroelectric projects,” he said. “That hands-on experience and expertise, coupled with Meridian’s financial strength, will greatly enhance Cleantech America, Inc.’s ability to bring our growing pipeline of emission-free, solar projects into commercial operation.”
The company will operate as Cleantech America, a Meridian Energy Company, and will continue to be based in the San Francisco Bay area.
“We will be providing additional resources for Cleantech America’s growth in the development and acquisition of renewable resources,” Lusk said.
Meridian Energy operates nine hydroelectric stations and two wind farms in New Zealand, which generate an average of 12,500 GWh per year. Meridian is currently building a wind farm in Antarctica to help reduce the environmental footprint of both the New Zealand and U.S. scientific bases by integrating wind generation into the operation and displacing the current reliance on diesel fuel.
Loading...