BlueChip Energy Signs Agreement to Acquire Land for 40 Megawatt Solar Power Farm in Florida

“As an independent power producer (IPP), BlueChip Energy supports the objective of economically and environmentally reducing Florida’s dependence on fossil fuels and achieving goals for renewable energy generation. This project is part of our ongoing commitment to provide solar energy for the Sunshine State”

The largest photovoltaic (PV) solar plant in the State of Florida and the third largest in the United States when completed, the 40 MW Sorrento Solar Farm will generate an estimated 64 million kilowatt hours annually — enough to fulfill the average annual electricity needs of as many as 8,000 typical Florida households.

The solar farm will be a ground-mount system covering 140 acres of open field in Lake County, Florida. The proposed site is located approximately 50 miles northwest of Orlando adjacent to two utility substations. The project will deploy an estimated 140,000 solar panels and will be built in stages.

The company had originally planned to lease the property but later decided to purchase the land in order to enhance the “bankability” of the project.

“As an independent power producer (IPP), BlueChip Energy supports the objective of economically and environmentally reducing Florida’s dependence on fossil fuels and achieving goals for renewable energy generation. This project is part of our ongoing commitment to provide solar energy for the Sunshine State,” said Demitri Nikitin, President and CEO of the company.

The power produced is intended to be sold locally and regionally under power purchase agreements. The project is estimated to cost $200 million and will create an estimated 150 construction jobs in Florida.

High efficiency solar panels and racking systems will be provided by Advanced Solar Photonics (ASP), the manufacturing subsidiary of BCE, for 75% of the project. The remaining 25% of the modules is expected to be provided by additional equity partners. BCE is currently developing the 10 MW Rinehart Solar Farm in Lake Mary, Florida. The first stage of the Rinehart project has been completed.

BlueChip Energy, LLC (BCE) is a fully-integrated solar PV power generator, occupying all segments of the solar power value chain, from manufacturing of solar panels and balance of systems components, to the sale of turnkey solar power plants – and solar electricity — to residential, commercial, and industrial customers. BCE develops, finances, constructs, operates, and monitors solar plants for companies and individuals. The company is also a licensed provider of renewable solar energy as a qualifying power production facility of 80 MW, with the right to sell electricity to a utility.

www.bluechipenergy.co