Pacific Gas and Electric Company (NYSE: PCG) has entered into a
contract with AV Solar Ranch 1, LLC, a subsidiary of NextLight
Renewable Power, LLC, for 230 megawatts (MW) of solar photovoltaic
power.
NextLight was formed by the inaugural fund of private equity firm Energy Capital Partners.
On average, the project is expected to produce 592
gigawatt-hours of renewable electricity each year for PG&E
customers throughout northern and central California. This is equal to
the annual consumption of nearly 90,000 average homes.
The project will be located in Antelope Valley, Calif. It is
expected to begin deliveries in 2011 and be fully operational by late
2013.
This is the third major solar contract PG&E has signed this
year. Since 2002, PG&E has entered into contracts for more than 20%
of its future electric power deliveries from renewable sources.
PG&E topped recent 2008 rankings by the Solar Electric Power Association (SEPA) for being the most solar integrated utility.
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