New Zealand's Meridian Energy acquires Cleantech America
Cleantech America, Inc., a US-based developer of utility scale photovoltaic solar farms, has been acquired by Meridian Energy, the largest electricity generator in New Zealand that relies solely on renewable resources.
"This acquisition enables us to extend our expertise into the US market to implement renewable energy projects in California," says Meridian Chief Executive Tim Lusk. "Moving into the US represents a very important step for Meridian and for the first time, adds solar to our renewable portfolio. This experience will allow us to enhance our position and build on our expertise that will ultimately see us bringing solar to the New Zealand market."
Meridian is participating in Cleantech America's first project - CalRENEW-1, a five mega-watt photovoltaic solar facility in Mendota, CA. It's the first utility-scale solar PV project to be approved by the California Public Utilities Commission under the state's Renewables Portfolio Standard (RPS) program. The emission-free electricity generated will be sold to Pacific Gas & Electric Co. under a long-term power purchase agreement.