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Idemitsu Kosan: Acquiring the 100 MW Solar Project “Pioneer” in Colorado, U.S.

September 11, 2019
Idemitsu Kosan: Acquiring the 100 MW Solar Project “Pioneer” in Colorado, U.S.
Idemitsu Kosan: Acquiring the 100 MW Solar Project “Pioneer” in Colorado, U.S.

TOKYO--(BUSINESS WIRE)--Sep 11, 2019--

Solar Frontier Americas Inc., a consolidated subsidiary of Idemitsu Kosan Co.,Ltd. (Head Office: Chiyoda-ku, Tokyo; Representative Director and CEO: Shunichi Kito; hereinafter “Idemitsu”), purchased a megasolar project in the State of Colorado, U.S. (Project name: Pioneer; power generation scale: 100 MWp *1; Commercial operation scheduled to start in 2020), currently in its pre-construction phase, from GCL New Energy, Inc. (Head Office: Hong Kong; Executive President: Frank Zhu), a wholly-owned subsidiary of GCL New Energy Holding Limited, as of August 1st.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190911005261/en/

Image picture: Megasolar power plant completed in 2017 by Solar Frontier Americas (Photo: Business Wire)

*1: MWp: Megawatt peak. Maximum power of AC output.

Idemitsu Kosan invested in Solar Frontier Americas through our wholly-owned subsidiary RS Renewables K.K. for the acquisition of this project, which is the second power plant added to our independent power producer (IPP) business in the United States following the project in California (power generation scale: 210 MWp) purchased last year.

Solar Frontier Americas takes over the project in its pre-construction stage from GCL New Energy, Inc. and will construct the solar power plant. When the power plant starts operation, it will enter into a long-term power purchase agreement with Intermountain Rural Electric Association, a power company based in Colorado, to supply power that can support approximately 26,000 households.

Amid the expanding global demand for power, solar power and other renewable energy sources are expected to take on a prominent role in resolving power generation demands. Idemitsu Kosan will continue to actively enter the renewable energy generation business in North America and Asia, where demand is further expected to increase.

[Project Overview]

Project name: Pioneer
Power generation scale: 100 MWp
Location: Adams County, Colorado
Start of commercial operation: 2020 (planned)

View source version on businesswire.com:https://www.businesswire.com/news/home/20190911005261/en/

CONTACT: For inquiries regarding this press release, please contact

Public Relations Department Public Relations Section (Rika Takimoto)

Idemitsu Kosan Co.,Ltd.

public.relations@idss.co.jp

https://www.idemitsu.com/

KEYWORD: UNITED STATES HONG KONG JAPAN NORTH AMERICA ASIA PACIFIC COLORADO

INDUSTRY KEYWORD: ALTERNATIVE ENERGY ENERGY OTHER CONSTRUCTION & PROPERTY CONSTRUCTION & PROPERTY

SOURCE: Idemitsu Kosan Co., Ltd.

Copyright Business Wire 2019.

PUB: 09/11/2019 01:00 PM/DISC: 09/11/2019 01:00 PM

http://www.businesswire.com/news/home/20190911005261/en

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