National Solar Power to build 400-MW solar plant in Florida

Sep 27, 2011 - US National Solar Power (NSP) yesterday said it would install a 400-MW solar power plant in the state of Florida, expecting to invest some USD 1.5 billion (EUR 1.1bn).

The utility-scale solar power developer plans to build at least 20 farms, each on a 200-acre (81 ha) site at a cost of USD 70 million. According to the company, the project will produce enough electricity to supply 32,000 homes a year.

The first phase of the project is expected to be operational within six months form the start of construction upon securing local and state permits. US Phelp Construction Co will design, build and operate NSP's solar plants.

The project is seen to create 400 jobs during construction, which is expected to take five years, and up to 120 permanent jobs.

NSP has signed a power purchase agreement (PPA) with utility Progress Energy Florida, a unit of Progress Energy (NYSE:PGN), and is in negotiations with other potential buyers of electricity from the solar park.

NSP also said it is in talks with several financial institutions and private equity investors for project financing.

(USD 1 = EUR 0.740)

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