Apr 26 2010
A Panda Energy International Inc. affiliate Panda Solar Ventures LLC and a Consolidated Edison Inc. subsidiary Con Edison Development have established a joint venture agreement for developing, constructing and operating solar electric power projects of utility-scale in the U.S. The agreement includes the construction of two new solar photovoltaic farms having 15 to 20 MW capacities.
As per the agreement, Panda Solar Ventures will be in charge of managing the engineering, development and building of the projects. The company will also contribute to the projects by leveraging its relationships with different equipment builders and service providers.
Con Edison Development will be in charge of managing the financing, operation and maintenance of the solar plants and will also offer its support services. The electrical energy and the Solar Renewable Energy Credits (SRECS) produced by the projects will be marketed by Con Edison Development.
Industry estimates indicate that over the last 15 years, solar energy demand has increased at a rate of around 30% annually. Solar energy is likely to serve an essential role in the novel energy economy such as providing emissions-free, clean electricity; creating jobs; and improving the energy independence of the U.S. Moreover, the market for solar energy is expected to double by the year 2011.