K Road Power has canceled its plans for a renewable energy project in southern California. According to Bloomberg, the expansive Calico solar power plant was backed by Barclays Plc in 2011, an investment banking unit.
The company was awarded a permit for the Calico project in 2010 to build up to 663.5 MW of solar capacity. Plans called for 563 MW of solar photovoltaic (PV) technology and 100.5 MW of Stirling-dish solar thermal technology (SunCatchers). K Road now plans to surrender that permit to regulators and has also withdrawn a request to change the design of the project site.
"Due to changed market conditions, we will not be able to move this project forward, either as licensed or as proposed to be amended," K Road said in a statement to the California Energy Commission.
K Road purchased the Calico project, located near Barstow, Calif., from Tessera Solar. In December, K Power said there were transmission issues discovered at the site and that those issues may have an impact on the timing of the projects as well as its interconnection agreement.