GCL New Energy Signs PPA for 110MW Solar Project In Colorado

Energy Press Releases Thursday June 14, 2018 16:56
DENVER--14 Jun--PRNewswire/InfoQuest

GCL New Energy, Inc., a subsidiary of the world's leading clean energy conglomerate GCL Group, has signed a long-term power purchase agreement (PPA) with Intermountain Rural Electric Association (IREA), a local power company, for its Pioneer 110MW greenfield project in Colorado.

The Pioneer 110MW project is located on 611-acre site 35 miles east of Denver, Colorado where the land is flat and has good irradiance. The total annual yield of the Pioneer project is around 215 million kWh, and plans to call for connection to the grid in 2020. The PPA has a fixed initial contract term of 10 years, with 3 optional 5-year extensions, for a possible 25-year lifetime. The project requires no security deposit and has low grid connection costs.

Through the Pioneer project, GCL New Energy will gain valuable experience developing a U.S. greenfield project, and can create a development model for future projects. The process includes land lock-up, an on-grid feasibility study, negotiating and signing a grid connection agreement, securing land permits, and PPA negotiation and signing.

By controlling development costs and altering its PPA negotiation strategy to adapt to fast-changing circumstances, GCL New Energy beat all well-known, established American developers to secure the agreement.

GCL New Energy has shifted its development strategy from focusing solely on the Chinese market to aggressively expanding in both the Chinese and overseas markets, and has been stepping up its capacity in overseas solar farm development. GCL New Energy has three regional headquarters in North America, Japan, and Africa. In 2017, it launched "Overseas Seeding Initiative" in key overseas target markets.

GCL New Energy is also pushing forward with its global goal of realizing 3GW+ of solar projects by 2020, and actively seeking strategic partners. It is exploring domestic and international markets with partners such as Power China, CEEC, CGGC, and Shanghai Electric, and has built close ties with internationally renowned companies such as Mitsui, Marubeni, Softbank, ACWA, Masdar, KEPCO and Macquarie.

About GCL New Energy, Inc.

GCL New Energy, Inc. is the wholly-owned international renewable energy IPP subsidiary of GCL New Energy Holdings Ltd ( 0451.HK ) with offices in San Ramon, California. The company focuses on developing, owning and operating utility scale solar projects, and has experience in the United States, Puerto Rico, Latin America, and numerous other international markets.


Latest Press Release

WHAUP and ZF Lemforder Sign the agreement to Install Solar Rooftop

WHA Utilities & Power PLC received an agreement from ZF Lemforder (Thailand) Co., Ltd. to install Solar Rooftop on ZF's factory at Eastern Seaboard Industrial Estate (Rayong) with a capacity of 0.8 MW. Mr. Thinus Steyn (middle right), Head of Region...

Seraphim Solar Secures 80 MW Supply Agreement in Vietnam

Jiangsu Seraphim Solar System Co., Ltd. ("Seraphim") recently signed new landmark supply agreements for two separate PV projects totaling 80MW in Vietnam. The Solar farms are a joint venture project of AMI Renewables of Vietnam and AC Energy of the...

Government of India, Mission Innovation Rocky Mountain Institute Launch Global Cooling Prize

Government of India, Mission Innovation and Rocky Mountain Institute today launched The Global Cooling Prize, an international competition to find a residential cooling technology with at least five times less climate impact than the standard room air...

BGRIM records 40% earnings growth in Quarter 3

B.Grimm Power Plc (BGRIM), one of Thailand's leading private power producers, raised net profit in the third quarter of this year by 40% from the same period of last year to 795 million baht. Strong earnings growth was driven by a 20% growth in revenue...

GCL-SI and DuPont Photovoltaic Solutions Sign Strategic Collaboration Agreement At CIIE

GCL System Integration Technology Co., Ltd. (SZ: 002506) (GCL-SI), the world's leading one-stop solutions provider for solar projects, has sealed a strategic collaboration agreement with DuPont Photovoltaic Solutions (DuPont) during the 1st China...

Related Topics