Zentric has announced that it is planning to acquire Innovative Solar I and Innovative Solar II. Both companies are developers and owners of two separate 800kW PV plants to be constructed in Leicester, North Carolina, with each of the plants having an estimated value of US$4 million.
Both farms will, upon completion, be equipped with 3,500 PV panels installed and the locations will be five acres in size for each plant. With the purchase of Innovative Solar I and II, Zentric will also acquire PPAs for the plants, an interconnection agreement and any engineering accomplished so far. Innovative Solar I and II will act as EPC contractors for the plants.
Zentric’s president William Tien commented on the new development: “Zentric is very excited to acquire these two projects that will be 100% owned by Zentric and have already been awarded a Power Purchase Agreement or PPA. The PPA is a long term guaranteed contract with the local Power Authority to purchase all of the power we can generate at a pre-determined price. A PPA guarantees a steady stream of payments and in this case for a minimum of 15 years.”