Recurrent Energy, a leading North American solar project developer, announced the commercial operation of the final of four solar photovoltaic (PV) projects, providing a total of 88 megawatts (MWdc) of clean electricity to the Sacramento Municipal Utility District (SMUD), the nation's sixth largest public utility, under a 20-year feed-in-tariff (FIT). With the commercial operation of this solar PV project, Recurrent Energy has now achieved operation of approximately 138 MW of solar power projects, a significant portion of the company's 600 MW total contracted portfolio.
The first three projects in the SMUD portfolio reached commercial operation earlier this year and all four solar PV projects are located in Sacramento County near the cities of Galt, Elk Grove and Sloughhouse. With the addition of the final 38 MWdc solar power project, the full 88 MW portfolio is expected to generate enough electricity to power more than 13,000 average U.S. homes.
"SMUD's pursuit of a sustainable and balanced power supply is paving the way for many other utilities," said Arno Harris , CEO of Recurrent Energy. "The completion of this portfolio showcases that strong renewable energy policy and collaboration between the public and private sectors can drive the solar industry to play a significant role in meeting our energy needs."
The 88 MW solar PV project portfolio secured a significant investment in December 2011 from Google (Nasdaq: GOOG) and SunTap Energy RE LLC (SunTap), a venture formed by Kohlberg Kravis Roberts & Co. L.P. (KKR) to invest in solar projects in the U.S.