North Coast Solar Stocks

June 5, 2009

PG&E Purchases More Solar Power to Serve California Customers

Filed under: PCG — Tags: , , , — Jason @ 12:15 pm

Friday June 5, 2009, 12:15 pm EDT

Utility Contracts With NextLight for 230 Megawatts of Renewable Power for Energy Customers in Northern and Central California

SAN FRANCISCO, June 5 /PRNewswire-FirstCall/ — Pacific Gas and Electric Company (PG&E), a subsidiary of PG&E Corporation (PCG), announced today that it has entered into a contract with AV Solar Ranch 1, LLC, a subsidiary of NextLight Renewable Power, LLC, for 230 megawatts (MW) of solar photovoltaic power. On average, the project is expected to produce 592 gigawatt-hours of renewable electricity each year for PG&E customers throughout northern and central California. This is equal to the annual consumption of nearly 90,000 average homes.

Utility-scale photovoltaic projects feature solar modules that convert sunlight directly into electricity and produce the greatest amounts of power during the afternoon, when electricity demand is high. NextLight’s project will feature state-of-the-art, commercially proven photovoltaic technology. The project will be located in Antelope Valley, Calif. It is expected to begin deliveries in 2011 and be fully operational by late 2013.

“This agreement will help increase the amount of clean energy we provide to our customers and reduce greenhouse gas emissions,” said John Conway, senior vice president of energy supply for PG&E. “Contracting with companies like NextLight is just one of the many ways in which PG&E is harnessing the power of the sun to meet our customers’ energy needs.”

“NextLight is pleased to contract with PG&E for the output of the AV Solar Ranch 1 project,” said Frank DeRosa, chief executive officer of NextLight. “The project will provide cost-effective electricity to PG&E’s customers, create jobs and local economic benefits for the Antelope Valley, and contribute to California’s renewable energy goals.”

This is the third major solar contract PG&E has signed this year. Since 2002, PG&E has entered into contracts for more than 20 percent of its future electric power deliveries from renewable sources. On average, half of the electricity PG&E delivers to its customers comes from carbon-free generating sources, making the company’s energy some of the cleanest in the nation.

About NextLight Renewable Power, LLC

NextLight Renewable Power, LLC is a renewable energy development company focused primarily on utility-scale solar development in the western U.S. NextLight’s experienced development and commercial team does not promote a particular renewable technology; rather, the company possesses the power industry expertise to site, permit, build and finance projects using the best renewable technology for the application. NextLight was formed by the inaugural fund of Energy Capital Partners, a private equity firm, to respond to the growing demand for clean, carbon-free, utility-scale renewable energy. Together, NextLight and Energy Capital Partners combine expertise in project development and financial resources to build, own and operate successful, utility-scale solar generating facilities. For more information, visit NextLight at http://www.nextlight.com and Energy Capital Partners at http://www.ecpartners.com.

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