New Zealand-based renewable energies company Meridian Energy has taken over Cleantech America, Inc., the utility-scale PV solar plant developer. The acquisition marks Meridian’s first venture into the solar power sector, having previously been mainly involved in wind and hydroelectric projects. Meridian will now manage the operation of Cleantech’s 5MW CalRENEW-1 solar facility in Mendota, CA.
“This acquisition enables us to extend our expertise into the U.S. market to implement renewable energy projects in California,” said Meridian Chief Executive Tim Lusk.
“Moving into the U.S. represents a very important step for Meridian and for the first time, adds solar to our renewable portfolio. This experience will allow us to enhance our position and build on our expertise, that will ultimately see us bringing solar to the New Zealand market”.
CalRENEW-1 is the first utility-scale solar PV project to be approved by the California Public Utilities Commission under the state’s Renewables Portfolio Standard (RPS) program. A long-term power purchase agreement has been set up with Pacific Gas & Electric Co. (PG&E) that will see the company buy the electricity generated at the CalRENEW site.
Cleantech will now operate as Cleantech America, a Meridian Energy Company, and will remain in the San Francisco Bay area.