Florida-based Solar Park Initiatives has signed a letter of intent to develop a 1GW solar park in California.
The company will develop approximately 5,000 acres of land for the design, construction and operation of the solar park.
Solar Park Initiatives anticipates that the project will generate up to $3.5bn in revenue if fully completed.
The company will partner with a California developer to complete the project, which is subject to permitting and financing approvals.
Solar Park Initiatives CEO David Surette said that the company continues to search for good opportunities in the solar sector and develop host sites and relationships for its optimal use and value.