Clean Edge - The Clean-Tech Market Authority

Search News:

Print

Previous Story | Next Story

NTR Invests $100 Million in Stirling Energy Systems for Utility-Scale Solar

Stirling Energy Systems, Inc. (SES), a Phoenix-based developer of utility-scale solar powered electricity generation plants, recently announced an agreement for NTR plc, an international developer and operator in renewable energy and sustainable waste management, to invest $100 million and take a controlling interest in the company. SES is developing two of the world's largest proposed solar generating projects in the Imperial Valley and Mojave Desert.

Utilizing the company's proprietary concentrating solar energy technology, the "SunCatcher" combines a mirrored concentrator dish with a high-efficiency Stirling engine specially designed to convert reflected sunlight to electricity. The technology has been in testing for several years at the US Department of Energy's Sandia National Laboratories in Albuquerque, New Mexico.

SES has long term, Power Purchase Agreements (PPA's) with two of California's leading utilities, San Diego Gas & Electric (SDG&E) and Southern California Edison (SCE). Combined, the two projects will initially produce 800 megawatts (MW) of power and up to 1,750 MW with contract extensions when the plants are fully constructed.

"This is a very exciting investment for NTR," said Jim Barry, Chief Executive of NTR plc. "In SES, we have a partner with high growth potential and a leading cost position in the fast growing concentrating solar power sector. We are pleased that the first two projects are in California which has provided the leadership to make solar energy investments attractive."

"SES is now poised to move to the next stage in its commercialisation plan," said SES President and Chief Executive Bruce Osborn. "The investment by NTR will give SES access to the development, commercial and financial expertise and resources required to commercialize the SunCatcher and build out our solar projects. NTR's experience and proven commercial track record in the renewables sector make it an ideal partner for SES."

NTR plc is an international developer and operator in renewable energy and sustainable waste management. Founded in 1978, the company has evolved from being a developer and operator of infrastructure in Ireland to an international developer and operator of renewable energy and sustainable waste management businesses in the US, UK, Ireland and Continental Europe. According to the company, it employs over 2,500 people and has a market capitalization in excess of €1.3 bn ($2 bn).