Neo Solar Power Investing In 120 MW Sorrento Project

BlueChip Energy LLC (BCE) has signed a letter of intent (LOI) with Neo Solar Power (NSP), a Taiwan-based solar cell manufacturer, for NSP to obtain an equity participation in BCE's 120 MW Sorrento solar farm project.

As part of the agreement, NSP will contribute at least 10 MW of its crystalline solar cells for an equity stake in the project, which is currently under construction in Lake County, Fla. The cells will be converted into solar panels by Advanced Solar Photonics, BCE's manufacturing subsidiary.

The LOI between BCE and NSP marks the introduction of a new business model for developing solar power projects that replaces power purchase agreements with financing by manufacturers themselves, the companies note.

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