Southern Power has acquired a controlling stake in the 100-MW Boulder Solar I facility in Nevada from SunPower Corp (NASDAQ:SPWR), the companies said today.
SunPower, which developed and constructed the plant, will own the remaining interest. It will also maintain and operate the installation. Using SunPower's Oasis power plant solar technology, the facility is expected to start commercial operation in December. Construction began in January this year.
The power generated and associated portfolio energy credits will be sold to NV Energy under a 20-year power purchase agreement (PPA).
Southern Power, a subsidiary of Southern Co (NYSE:SO), says the project fits its strategy of growing its wholesale business by acquiring and building generating assets substantially covered by long-term contracts.
When announcing third-quarter results last week, SunPower said that "a significant near term market dislocation in the solar market" would impact its financial performance through 2017 and that it would implement a cost reduction programme.