Jan 6 2011
K Road Power, an autonomous power developing company, centered in formulating, funding, possessing and managing utility-level solar power projects, declared that it has taken over Tessera Solar North America, owned Calico Solar Project.
The company received financial advice from Credit Suisse and utilized the legal services of Dewey Leboeuf in finalizing the accord.
Calico solar project is one among the several utility level solar power projects that has received the approval of the California State. The project benefits from the strong support from the state and has already entered into an interconnection accord to provide 850 MW power. The project with an estimated capital investment of around $3.0 billion is well placed to enter into power purchase agreements with important power providing retail companies of the state. The power generated from the project can easily meet the power requirements of over 350,000 households in California for a year.
According to William Kriegel, founder and Chief Executive Officer of K Road, the first phase of the project comprising 750 MW power will incorporate solar photovoltaic technology to improve the financial viability of the project, to further lessen the ecological consequences and to supply low cost power to meet the power requirements of the state. The company has plans to incorporate the latest SES SunCatcher technology in the second phase of 100 MW.