New Solar Deal Breaks Previous Record – Barely · Environmental Leader · Green Business, Sustainable Business, and Green Strategy News for Corporate Sustainability Executives

May 15, 2009

New Solar Deal Breaks Previous Record – Barely

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In a game of incremental one-upmanship, at 1,310 megawatts, the most recent largest contract to purchase solar power showed an increase of 10 megawatts over the previous one.

Pacific Gas & Electricity, a California utility, said the electricity it is buying from BrightSource will be enough to power 530,000 homes, reports The New York Times.

In February, the largest deal to date also involved BrightSource, which made a deal to provide 1,300 megawatts of solar power to Southern California Edison.

BrightSource has yet to break ground on any of its U.S. projects, however.

The recent credit crisis has not helped, but in comments at a PG&E blog, BrightSource CEO, John Woolard, said, “We’ve been very fortunate in that we did not have to finance a project over the past few quarters when the financial markets could best be described as dysfunctional. The credit markets now seem to be loosening in time for our project financing in the latter half of this year.”

“When the time comes for us to finance these projects, we are confident in our ability to successfully develop these projects and secure the necessary project financing,” he added.

PG&E previously has committed to investing in not just solar but also wind.

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