K Road Power buys Tessera Solar's 850 MW Calico Solar project in California
(ADPnews) - Dec 29, 2010 - US power producer K Road Power Holdings LLC yesterday said it has acquired the 850 MW Calico Solar project of solar power developer Tessera Solar in California.
The price of the deal was not disclosed.
The project is expected to require a total investment USD 3 billion (EUR 2.28bn) and generate enough energy to power 350,000 homes a year when operational, K Road said in a statement.
The deal has been carried out through K Road Power's wholly-owned unit K Road Sun LLC, which is specialized in developing, owning and operating utility scale solar power facilities in the western US.
K Road's founder and CEO William Kriegel said that only 100 MW in the project's second phase will include the SunCatcher concentrating solar-thermal technology of Stirling Energy Systems (SES) planned by Tessera Solar. The first 750 MW of the project will utilize "widely tested and accepted" photovoltaic (PV) technology.
K Road Solar has some 1,500 MW of PV projects in different development stages, its parent added.