SunEdison will build, finance and maintain the five solar installations under a 20-year solar power services agreement with Xcel Energy, which will buy the solar energy generated by the solar power plants.
The solar project, which will comprise of utility-scale, PV solar power arrays to deliver more than 112 million kWh of solar energy in the first year of operation and more than 2 million MWh of power over twenty years, is expected to be fully operational by the end of 2011.
The project will also allow Xcel Energy to meet New Mexico’s renewable portfolio standard, which requires regulated electric utilities to use renewable energy sources, including solar technologies to meet 15% of their electricity needs by 2015, and 20% by 2020.
Southwestern Public Service Company, an Xcel Energy company, president and CEO, Riley Hill said that Xcel Energy has built its reputation on responsible stewardship of environment while meeting customer expectations for innovation, reliability and competitively priced energy.
"The SunEdison project positions us as a leading provider of solar power and a reliable partner in the development of a renewable energy economy in New Mexico," Hill said.
