- California ISO selected a joint venture between Abengoa and Starwood Energy as the approved sponsor to finance, construct, own, operate and maintain the Delaney to Colorado River 500 kV transmission line project.
SEVILLE, Spain, July 13, 2015 (GLOBE NEWSWIRE) -- Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB), the company that applies innovative technology solutions for sustainability in the energy and environment sectors, has announced that a project sponsored by Abengoa in collaboration with Starwood Energy has been selected by the California Independent System Operator (CAISO) as the approved sponsor to finance, construct, own, operate and maintain the Delaney to Colorado River 500 kV transmission line project.
Abengoa will undertake the development, construction and maintenance of a 114 mile transmission line between Delaney and Colorado River substations, reinforcing the electrical interconnection between California and Arizona. Total investment was initially estimated by CAISO at approximately 300 million dollars. Additionally the operation and maintenance revenues will represent several hundred million dollars over the life of the asset.
The project is expected to reach commercial operation in 2020 and will bring significant economic benefits to California rate payers. With this new award, Abengoa strengthens its position in the U.S. power transmission market, where for the last years Abengoa has built power lines for third parties.
"This new award will help us to accelerate our development in the power transmission market in the United States, where we expect to continue leveraging our global expertise in order to become a significant player in development, engineering, construction and maintenance of large transmission assets." said Santiago Seage, CEO of Abengoa.
Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB) applies innovative technology solutions for sustainability in the energy and environment sectors, generating electricity from renewable resources, converting biomass into biofuels and producing drinking water from sea water. (www.abengoa.com)
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