Solargy Systems Inc. has received a signed letter of intent from Barron Properties to develop and install a solar farm utility site for the production of electricity via Solargy's branded solar panels. The site will be located in Wellington, Fla., and the energy produced will be sold pursuant to a power purchase agreement to Florida Power & Light (FPL) for the term of no less than 20 years.
The solar farm will consist of approximately 14,000 solar panels on the property and the interconnection of the solar units to the FP&L grid. The signed letter of intent for the solar panel installation is for $15 million. This project is in addition to a previously announced solar farm project in Chiefland, Fla., the company notes.
SOURCE: Solargy Systems Inc.