Silverado Power, PG&E strike solar power purchase agreement

San Francisco, April 17, 2012 ­— Silverado Power has announced signing a new power purchase agreement with Pacific Gas and Electric Co. for a solar energy project in Lancaster, California.

The project will generate 20 MW of renewable, domestically produced solar power for distribution by PG&E, the contract term extends for 20 years.

California investor-owned utilities are required to procure 33 percent of their power from eligible-renewable resources by 2020. The PPA will be subject to approval by the California Public Utilities Commission.

The PPA covers Silverado's Western Antelope Blue Sky A project, which is currently undergoing environmental review procedures. The project is estimated to create about 75 jobs and provide enough power for about 4,300 homes.

Silverado Power develops utility scale solar photovoltaic ground-mounted systems. The company is based in San Francisco, California and has a large solar project portfolio. It is backed by the Martifer Group, a multinational energy and infrastructure company.

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