Vasari Energy Inc., a California-based solar energy provider, has signed a contract to purchase 450 acres of land in Maricopa County, Ariz., for the development of a project with up to 68 MW of solar capacity. The project will be developed through Sonoran Solar Development Partners LLC, a wholly owned development partnership of Vasari Energy Inc.
Vasari says it will develop the project and either sell it to a financially capable buyer at the time it is fully engineered and permitted or construct and operate the project, creating both economic investment and renewable power. The company estimates the selling price will be approximately $13.6 million. Construction is expected to begin in October 2019 and be completed by the same time the following year.
Sam Lipman, vice president of Vasari Energy. “This project will allow Vasari Energy to get closer to its objective of $500 million of solar projects under development in 2017.”
The company adds that its current pipeline of solar energy projects have an estimated power potential of 200 MW in California, Arizona, Nevada and Texas, with a build-out value of approximately $280 million. Through its various investments, the company aims to reach operating capacity of 700 MW by the end of 2020.