Satcon: Solar project
Satcon Technology Corporation, a leading provider of utility-scale power conversion solutions for the renewable energy market, announced that it has been selected by Quanta Renewable Energy Services and Ryan Company to deliver 10 of its 1 megawatt (MW) Prism Platform™ Solutions for the 10 MW (AC) New Jersey Oak Solar PV Power Plant in Fairfield Township, Cumberland County, New Jersey. When completed later this year, the New Jersey Oak Solar project will be the largest non-utility owned solar project east of the Mississippi.
“The New Jersey Oak Solar project will be one of the United States’ most advanced solar power plants,” said Michael DonMoyer, President of Quanta Renewable Energy Services. “This project showcases the future of large scale solar power production, both in system-wide performance as well as remote power plant control. Over the past three years, we have worked with Satcon to successfully deliver many of North America’s most sophisticated and highest performing utility scale solar plants. We are pleased to team with them again for this exciting project.”
The 10 MW solar power plant will utilize Satcon’s Prism Platform Solution configured with Equinox™ inverters. Prism Platform is Satcon’s turnkey utility-grade multi-megawatt building block, complete with factory-integrated step-up transformers, MV disconnect switches, and power conversion electronics. The solution leverages Satcon’s next-generation Equinox PV inverters with 98.5 percent peak efficiency and the industry’s widest thermal operating range. The site will also feature Satcon’s Spectrum™ site controller which enables the remote control of system power factor and low-voltage ride-though at the point of interconnection.
“The Oak Solar project demonstrates the next generation of utility-scale solar power plants in North America,” said Steve Rhoades, Satcon's President and Chief Executive Officer. “Through a combination of system design and technology innovation, we are able to achieve significant improvements in system wide performance, providing for the industry’s lowest Levelized Cost of Energy while at the same time enabling rich utility control over the solar asset itself. We are excited to continue to work with Quanta and Ryan to be a part of this team of world class solar power innovators.”
Satcon Technology Corporation® is the leading provider of utility-scale power conversion solutions for the renewable energy market, enabling the industry’s most advanced reliable and proven clean energy alternatives. For over 26 years, Satcon has designed and delivered the next generation of efficient energy systems for solar photovoltaic, stationary fuel cells, and energy storage systems. To learn more about Satcon, please visit www.Satcon.com.
About Quanta Renewable Energy Services and Ryan Company
Quanta Renewable Energy Services (QRES) was launched in 2008 to offer renewable specific expertise to clients in this growing industry. Since its formation, QRES has established itself as a leading provider of utility-scale photovoltaic solutions with over 100 MW completed or under construction. The Ryan Company is an experienced firm providing electrical, renewable, telecom and heavy construction services to private and public agencies. Its strength lies in the ability to organize, schedule and manage complex projects for customers constrained by strict rules, timelines and/or regulations. The Ryan Company, founded in 1949, has completed hundreds of electrical and utility projects in the past 60+ years. QRES and The Ryan Company are wholly owned subsidiaries of Quanta Services, Inc., a leading infrastructure services provider for the electric power, natural gas and pipeline and telecommunications industries. Quanta has been active for more than a decade in renewable energy projects including solar, wind and ethanol/alternative fuels.
About Lincoln Renewable Energy
Lincoln Renewable Energy (LRE) develops utility-scale solar and wind power projects from greenfield concept to commercial operation. 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. Since its formation in 2009, LRE has grown rapidly to be one of the leading independent developers of solar projects in the United States. With offices in Chicago, Denver and Hoboken, N.J., LRE operates on a national scale. To date, LRE has raised more than $65 million in equity and project finance to fund its rapid growth. Investors include Austin Ventures, a Texas-based investment firm with $4 billion in capital under management. For more information, please visit www.lincolnrenewableenergy.com.
Statements made in this press release that are not historical facts or which apply prospectively are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's expectation. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.
Satcon Technology Corporation
Michael Levi, 949-201-5955
Vice President of Worldwide Marketing
Satcon Technology Corporation
Leah Gibson, 617-897-2400