Progress Energy signs power purchase agreement to buy electricity from BlueChip Energy's 40-MW Sorrento Eagle Dunes solar PV farm in Lake County, Florida; first 10-MW stage to be built in 2012

Rachel Carter

ORLANDO, Florida , April 6, 2011 (press release) – Signs Solar Power Purchase Agreement with Progress Energy Florida

BlueChip Energy™ (BCE), a fully-integrated solar energy provider for residential, commercial, government and utility applications, today announced a power purchase agreement (PPA) to supply Progress Energy Florida with renewable solar photovoltaic (PV) power from the Sorrento Eagle Dunes Solar Farm, a 40 megawatt (MW) utility-scale solar PV facility the company is developing in Central Florida.

The solar farm project, located in Lake County, Florida, will have a total capacity of 40 MW and an annual generation of more than 64,000,000 kilowatt-hours. This is equivalent to the annual energy use of roughly 8000 area homes. The Sorrento project will be the largest private solar plant in the State of Florida and one the largest solar PV projects in the United States. The annual power generated from the solar plant will displace over 25,000 metric tons of carbon dioxide per year.

“This large-scale solar project has the distinct advantage of being near the population base that it will serve. Combined with the BCE vertically integrated business model, the project will demonstrate renewable energy at close to grid parity. Private solar plants are key to the future for helping help Florida and America meet clean energy goals,” said Demitri Nikitin, President, and CEO of the company.

The solar farm will be a ground mount system covering 140 acres of open field. The solar farm will be built in stages, starting with 10 MW in 2012. BCE will build the plant using 174,000 monocrystalline and polycrystalline PV solar panels from Advanced Solar Photonics (ASP) and other leading manufacturers. BCE is providing its own project development, engineering, procurement, and construction capabilities.

BCE recently purchased the land to enhance the “bankability” of the project and is currently applying for the applicable zoning approvals. The necessary geo-technical, drainage, and environmental studies have been completed. The adjacent land areas allow for up to 100 MW of additional solar farm development.

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 with the right to sell electricity to a utility. http://www.bluechipenergy.com

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