Taiwan-based solar cell manufacturer Neo Solar Power is planning to take an equity stake in a PV power plant being built by BlueChip Energy (BCE) in Lake County, Florida. However, the deal differs from most as it revolves around Neo Solar Power contributing at least 10MW worth of solar cells that will be used in modules built by Advanced Solar Photonics, BCE’s manufacturing subsidiary, and used in the project.
Interestingly, the Sorrento solar farm project was initially announced back in April 2011 as a 40MW development that had received full permitting, according to BCE.
In essence, the new style of project finance means that PV manufacturers themselves are funding the project, without the use of power purchase agreements (PPAs) and financial institutions.
BCE said that it had signed LOIs with other solar module and solar cell producers to contribute their products in the first 40MW stage of the Sorrento Solar Farm. Further agreements were expected before the Solar Power International trade show in Dallas next week.