Jun 13 2006
GE Energy Financial Services, PowerLight Corporation and Catavento Lda broke ground today on the world’s largest solar photovoltaic power project. The 11-megawatt solar power plant, comprising 52,000 photovoltaic modules, is under construction in Serpa, Portugal, 200 kilometers (124 miles) southeast of Lisbon in one of Europe’s sunniest areas.
GE Energy Financial Services is financing and will own the facility in a $75 million transaction. PowerLight, a leading global solar power system provider, has designed, and will operate and maintain this solar power plant employing the company’s innovative PowerTracker® system. Catavento, a leading Portuguese renewable energy company, developed the project and will provide management services. Deliveries of photovoltaic modules and structural steel have begun, and construction of an electric substation is under way. The project – on a 60-hectare (150-acre) southern-facing hillside that will remain productive farmland -- is scheduled for full power operation by January 2007.
“This project is a wonderful example of collaboration among a financial institution, manufacturer and project developer for a high-tech facility that will benefit the Portuguese people, economy and environment,” Mario Armero, president of GE Portugal and GE Spain, said today at a groundbreaking ceremony in Serpa. “For GE, it’s a major step in our growth in renewable energy and our ecomagination initiative to help overcome environmental challenges.”
“The Serpa solar power plant is a clear example of GE’s commitment to cleaner, reliable renewable energy,” noted PowerLight CEO Tom Dinwoodie. “PowerLight is pleased to be partnering with GE Energy Financial Services to achieve this solar industry milestone.”
With no fuel cost or emissions, the Serpa solar installation will produce electricity sufficient to power 8,000 homes and save more than 30,000 tons a year in greenhouse gas emissions compared with equivalent fossil fuel generation.
The project is expected to be Portugal’s first large photovoltaic installation to go online.
“The Serpa solar power project, along with other renewable energy initiatives, helps lay the foundation for Portugal's energy future,” said Piero Dal Maso, co-CEO of Catavento. “The project takes maximum advantage of the excellent environmental conditions in Portugal for solar power.” Co-CEO Sergio Costa added: ”Serpa must not be a single case but a true starting point for solar power in Portugal.”
PowerLight’s PowerTracker® is the world's most widely used solar power system for large-scale power plants because of its efficiency and reliability. The company’s patented tracking technology follows the sun as it moves across the sky throughout the day, generating more electricity than conventional fixed-mount systems.
“PowerLight continues to increase its leadership in the solar power plant industry in Europe,” noted Marco Northland, PowerLight’s General Manager, Europe. “We look forward to delivering more projects with GE.”