The new company will develop, build and manage utility-scale solar projects in North America. The new company will develop stand-alone PV sites, as well as projects with CSP and PV in the same location.
Under the terms of the letter of intent the new company, SolarHybrid of America, will operate out of Solar Trustâ€™s Oakland office. Additional terms of the joint venture were not disclosed.
Solar Trust of America has an additional 1,000Mw of project sites in advanced stages of permitting in California and Nevada.
Uwe Schmidt, chairman and CEO of Solar Trust of America, said: â€œFrom the outset, our plan has been to bring utility-scale solar power to the growing US market as a vertically integrated engineering, construction, and services provider that is technology agnostic.
â€œWith over 2,000Mw of permitted sites in the pipeline, Solar Trust of America is delighted to partner with SolarHybrid to accelerate our expansion into the PV marketplace. Developing CSP and PV in tandem will allow us to achieve better cost and production efficiencies than with either technology on its own.â€
Tom Schroeder, CEO of SolarHybrid, said: â€œThe Blythe project is the worldâ€™s most important attempt to harness the power of the sun for mankindâ€™s energy needs. We intend to combine Solar Trust of Americaâ€˜s strengths with SolarHybridâ€˜s experience in designing, constructing and financing large-scale PV plants.â€
Will the JV benefit the firms?
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