HOUSTON, TEXAS, April 30, 2013 (GLOBE NEWSWIRE) -- Quantum Guam Power, LLC ("QGP"), an affiliate of Quantum Utility Generation, LLC ("QUG"), closed on the acquisition of a 7.75MW (DC) solar power purchase agreement ("PPA") from Pacific Green Resources, LLC on April 25, 2013. The PPA is a twenty-five year agreement with the Guam Power Authority. QGP expects to perform the newly acquired PPA in combination with the 27.4MW (DC) late-stage solar development project it has been developing on Guam since 2011. The combined 35.1MW (DC) facility, approximately 25.65MW (AC), will be constructed on land owned by a QGP affiliate that received a Conditional Use Permit for construction of a renewable energy facility earlier this year. The facility will be located in the Dandan, Inarjan area and is expected to be online in 2014.
"Working with the GPA on the transmission and contractual issues to facilitate this acquisition was instrumental" said Dirk Straussfeld, QUG's Chief Technical Officer. "GPA and QUG's collaboration on this transaction to create a single, larger project will improve the financing, construction and long-term operations and maintenance of the project and will benefit all of the project's stakeholders" added Straussfeld.
For more information, please see our website at www.quantumug.com.
Quantum Utility Generation, LLC
Source:Quantum Utility Generation, LLC