NEW YORK, Nov. 14, 2017 /PRNewswire/ -- Sumitomo
Corporation of Americas (SCOA), an integrated global trading and
investment enterprise with ownership in renewable energy facilities
totaling 5,000 megawatts worldwide, is pleased to announce that its
wholly owned subsidiary Turquoise Nevada LLC has executed a 25-year
power purchase agreement (PPA) with NV Energy, the largest retail
energy provider to the state of Nevada. The 50-megawatt
Turquoise Nevada project has been jointly developed with Estuary
Capital Advisors, an independent renewable energy development
firm.
Turquoise Nevada will serve a
major northern Nevada energy
customer using NV Energy's innovative NV GreenEnergy Rider
program. NV Energy has requested approval from the
Public Utilities Commission of Nevada of the PPA as well as the GreenEnergy
Rider agreement with the major customer.
Turquoise Nevada is part of the
broader Turquoise Solar development located at the Reno Technology
Park in Washoe County,
Nevada. The Reno Technology Park is a 2,200-acre industrial
park which was conceived and developed by Unique Infrastructure
Group of Reno. Prior to execution of the PPA with NV Energy,
in late 2016 SCOA and Estuary agreed to supply 10 megawatts of
Turquoise Solar's capacity to another major regional energy
user. The 10 megawatt agreement has been filed for approval
with the relevant public utilities commission. Once
completed, Turquoise Solar will be the largest solar development in
northern Nevada.
"We are excited to work with NV Energy to help meet its northern
Nevada customers' aggressive
renewable energy goals," said Bill
Cannon, General Manager and Senior Vice President,
Environment & Infrastructure Group, Sumitomo Corporation of
Americas. "By teaming up with Estuary, our longtime respected
partner in Turquoise Solar, along with an experienced and credible
off-taker such as NV Energy, northern Nevada's largest solar energy field will
surely be a great success."
"We are thrilled to bring northern Nevada's largest solar development to the Reno
Technology Park," said Jill Daniel,
President, Estuary Capital Advisors. "The greater
Reno-Sparks community is showing remarkable growth,
innovation, and dynamism. We are excited to be a part of it
and have benefited greatly from the support of the
community."
As an experienced player in the global IPP (Independent Power
Producer) market, SCOA will bring valuable construction and
operational expertise to the Turquoise Solar development.
SCOA holds various investments in wind and solar projects
globally and was an early investor in the Desert Sunlight Solar
Farm, a 550-megawatt solar power project constructed in the
California desert east of
Palm Springs.
SCOA's strong global commitment to the environment is evidenced
by its sustainability-focused projects and continued expansion of
its renewable energy portfolio. With its global experience in
developing, constructing and operating renewable projects, SCOA is
an attractive long-term investor to any renewable energy developer
looking for a strategic partner.
About Sumitomo Corporation of Americas
Established in
1952 and headquartered in New York
City, Sumitomo Corporation of Americas (SCOA) has 8 offices
in major U.S. cities. SCOA is the largest subsidiary of Sumitomo
Corporation, one of the world's leading traders of goods and
services. As an integrated business enterprise, the firm has
emerged as a major developer of multinational projects, an
expediter of ideas, an important international investor and
financier, and a powerful force for distribution of products and
global communications through a network of offices worldwide.
SCOA continues to grow its renewable energy business and has
extensive experience developing, operating and owning power
generating facilities around the world, including wind, geothermal,
biomass and solar resources. Investments include the 200MW
Mesquite Creek and 120MW Stanton wind projects in Texas; the 845MW Shepherds Flat wind project
in Oregon; the 131MW Cimarron II
and 168MW Ironwood wind projects in Kansas; and the 550MW Desert Sunlight solar
project in California. For
more information visit www.sumitomocorp.com.
About Estuary Capital Advisors
Established in 2013,
Estuary Capital Advisors is an independent developer and sponsor of
renewable energy projects. Estuary's innovative projects use
state-of-the-art technologies and creative commercial structures to
meet the specific energy needs of its markets and customers.
Estuary develops projects from conceptualization through detailed
development through financial close, bringing its institutional
legacy and life cycle perspective to create high quality, robust
projects. Estuary's principal, Jill
Daniel, has over 20 years of experience as a developer,
investor, financier, and manager of energy and utility
projects. Estuary is a Woman-Owned Business Enterprise
("WMBE") certified by the California Public Utilities
Commission. For more information visit
www.estuarycapitaladvisors.com.
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SOURCE Sumitomo Corporation of Americas