Pristine Sun LLC, a closely held solar energy developer, said it received a loan from Panasonic Corp. (6752) to build 50 megawatts of projects in California.
Half of the projects will be completed this year and half next year, Pristine Sun Chief Executive Officer Troy Helming said today by e-mail. The San Francisco-based company announced the projects in a statement today.
The projects, located in rural areas mostly in northern California, will average about 1-megawatt of capacity each and may cost as much as $150 million, Helming said. Pristine may seek an equity co-owner once they enter operation, he said. Helming declined to provide loan details or name the solar panel suppliers.
Pristine has 28 contracts to sell about half the output from the projects to PG&E Corp. (PCG:US), which will pay about 13 cents a kilowatt-hour on average, after factoring in time-of-day price adjustments, Helming said. His company expects to win contracts for the remainder of the projects under a state-approved program, he said.
Aaron Fowles, a spokesman for Panasonic, said the company is sharing engineering, procurement and construction duties with Pristine Sun. He also declined to provide terms of the loan.
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