Southern California Edison agrees to buy electricity for 20 years
CHICAGO, Oct. 24, 2012 – Lincoln Renewable Energy (‘LRE’), a developer of U.S. solar and wind projects, today announced it has entered into 20-year power sales agreements with Southern California Edison (‘SCE’) to deliver electricity from its Marathon (25 MW dc) and the neighboring Agincourt (12.5 MW dc) solar power plants. Both projects are located in San Bernardino County, Calif., and will go into construction in 2013. LRE’s partner on the development of these projects is California developer WDG Capital Partners (‘WDG’).
“With its huge solar resources, California represents an enormous opportunity for solar power developers and customers alike,” said Declan Flanagan LRE CEO. “California customers will benefit from the low-cost, fixed-price, clean and native energy these two projects will produce for decades to come.”
Flanagan added, “Building on the success of our New Jersey Oak Solar project earlier this year, LRE is now one of the very few large-scale solar companies with a successful track record coast-to-coast.”
When completed, the combined California solar projects – the 25-megawatt DC Marathon and the 12.5-megawatt Agincourt – will deploy more than 150,000 solar panels and produce enough electricity annually to power 14,000 households. Only four projects operating in the U.S. today are larger. “The success of these projects is attributable to WDG’s best practices development efforts over the last several years and the great partnership that has been formed with LRE to bring them to the finish line,” said WDG Vice President, Elliott MacDougall.
“2013 is shaping up as a busy year for LRE. In addition to $100 million of capex on our solar projects, multiple wind projects are ready to execute power contracts and enter construction if Congress extends the Production Tax Credit as soon as possible,” Flanagan said.
LRE has more than 400 megawatts of solar projects in mid- and late-stage development in California and more than 1,000 megawatts of solar in development across the U.S. as well as more than 1,000 megawatts of wind power projects. Founded in 2009, the company has raised more than $100 million in external financing to fund its growth and is developing more than 30 solar and wind projects in 11 states managed from offices in Chicago, Austin, and Denver.
About Lincoln Renewable Energy
Lincoln Renewable Energy develops utility-scale solar and wind power projects from greenfield concept to commercial operation. The company is developing projects across the United States. Its management team has a proven track record in renewable-energy development. Their efforts have led to the construction of more than 3,000 megawatts of renewable energy in North America and Europe over the past 10 years. For more information, please visit www.lincolnrenewableenergy.com.
About WDG Capital
WDG Capital Partners is a Southern California based real estate firm that acquires and develops underutilized land for environmentally supportive energy projects. It is committed to investing in the long-term ownership of project acreage while maintaining close relationships with partners that build, own and operate clean-energy facilities. Please visit www.wdgcp.com for more information.