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NTR plc - a leading international developer and operator
in renewable energy and sustainable waste management - has
announced an agreement to invest $100 million (€63 million)
for a controlling interest in Stirling Energy Systems,
Inc. (SES) - a Phoenix, Arizona-based developer of utility-scale
solar-powered electricity generation plants.
SES is developing two of the world’s largest solar generating
projects in the Imperial Valley and Mojave Desert to bring
clean, renewable power to Southern California. The investment
by NTR will provide SES with the financial and commercial
expertise to deliver these projects. Combined, the two projects
will initially produce 800 megawatts (MW) of power and up
to 1,750 MW with contract extensions, when the plants are
fully constructed.
“This is a very exciting investment for NTR” - said Jim Barry,
Group Chief Executive of NTR plc. “In SES, we have a business
with high growth potential and a leading cost position in
the fast-growing CSP (Concentrated Solar Power) sector. SES’s
established presence in California places it at the forefront
of solar technology development.
“The investment supports NTR’s strategy and our commitment
to continued investment in renewable energy businesses with
strong future growth potential” - he added. “Following the
success achieved with Airtricity, we have been actively pursuing
such investment opportunities. SES is a particularly attractive
business opportunity, with very significant future development
potential.”
SES has long-term, Power Purchase Agreements (PPA’s) with
two of California’s leading utilities - San Diego Gas & Electric
(SDG&E;) and Southern California Edison (SCE). In addition,
SES has also secured grid connection rights for the power
production at the two facilities.
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SES is the innovator of the
highly efficient concentrating solar energy technology
called the SunCatcher.
The SunCatcher combines a mirrored concentrator
dish with a high-efficiency Stirling engine - especially
designed to convert reflected sunlight to electricity. |
The technology has been in testing for several years at the
US Department of Energy’s Sandia National Laboratories in
Albuquerque, New Mexico.
“SES is now poised to move to the next stage in its commercialisation
plan” - said SES President and Chief Executive, Bruce Osborn.
“The investment by NTR will give SES access to the development,
commercial and financial expertise required to commercialise
the SunCatcher. NTR’s experience and proven commercial
track record in the renewables sector make it an ideal partner
for SES.”
For more information on NTR -
Click Here
For more information on SES - Click
Here
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