Sybac Solar LLC, the U.S. subsidiary of a Germany-based solar engineering and construction firm, is constructing a 2 MW solar power generation facility in Gainesville, Fla.
The array, which will be completed next month, comprises 8,600 PV modules erected on nine acres off U.S. 441. Gainesville Regional Utilities (GRU) will purchase the electricity produced for 20 years at a fixed rate of $0.26/kWh under the terms of its feed-in-tariff (FIT) program.
Gainesville accounts for 39% of all solar PV installations in Florida, according to the National Renewable Energy Laboratory, and Sybac's solar farm is the largest to be built under GRU's program, the company says.
Although many investors have reserved the allocation rights to participate in GRU's FIT program, which has a cap of 4 MW a year, investment deals are taking longer than expected to finance, which has made it difficult for many projects to move on to the construction stage, Sybac Solar says. In order to move this project along, the company purchased the land and allocation rights from Entrust Holdings, a real estate investment company, and funded the project itself, introducing its German investment model to the U.S. market.
SOURCE: Sybac Solar