K Road Power LLC, a closely held renewable energy developer backed by Barclays Plc (BARC)’s investment-banking unit, canceled plans to build a 294-megawatt solar power plant in southern California.
K Road intends to surrender to regulators a 2010 permit for its Calico project and has withdrawn its request to amend the original design for the site, the New York-based company said today in a filing with the California Energy Commission. “Due to changed market conditions, we will not be able to move this project forward, either as licensed or as proposed to be amended,” it said.
K Road in 2010 bought the project near Barstow from Tessera Solar and intended to switch the design from solar-thermal systems to conventional photovoltaic panels. The company in December told regulators it was addressing “transmission issues” at the site that may impact the timing of the project and its interconnection agreement.
Barclays Capital in 2011 “made a significant investment” in the company, according to K Road’s website.
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