K Road Power Holdings, LLC ( “K Road”) announced its wholly owned subsidiary K Road Sun, LLC has acquired the Calico concentrated solar energy project from Tessera Solar North America, Inc.
Calico Solar, located near Barstow, CA is one of California’s few fully permitted utility scale solar power facilities. Calico Solar has an interconnection agreement to supply 850 MW, enjoys strong support from the State of California and is well positioned to contract financeable power purchase agreements with California’s leading retail power suppliers. Total capital investment is estimated to be $3.0 billion. Once in operation the Calico Solar project will provide clean, reliable, California based renewable energy to meet the annual demand of up to 350,000 California households.
“While 100 MW of Phase 2 will be reserved for new generations of SES SunCatcher technology, K Road’s Calico Solar Project will convert the first 750 MWs to widely tested and accepted photovoltaic technology, insuring the project’s immediate financeability, further reducing environmental impacts, and providing the lowest cost solar production to help meet California’s renewable portfolio standard,” said William Kriegel, K Road’s founder and Chief Executive Officer.
K Road Sun is exclusively dedicated to developing, owning, and operating utility scale solar power facilities in the western United States. The K Road team has a unique, proven track record in power generation with decades of experience developing, constructing and operating generation plants worldwide, including solar, wind, biomass and hydro facilities. K Road believes that in order to be the lowest cost, most environmentally friendly source of sustainable energy, companies must be indifferent to technology and source production capacity from the most efficient, robust and economically viable sources.
K Road’s Managing Partner, Gerrit Nicholas added, “We are excited to move the Calico Solar Project into a financeable position, and we look forward to developing, constructing, and operating one of the world’s largest solar projects. In addition, we are pleased to play a role in creating economic opportunity for the Barstow community and helping society wean itself off of carbon based power supplies through environmentally advanced technology.”
Credit Suisse acted as financial advisors and Dewey LeBoeuf as legal advisors to K Road.
K Road Power is an independent power developer focused on developing, financing, owning and operating utility-scale solar projects in the southwest of the United States. Led by William Kriegel, K Road senior management is made up of long time power sector professionals from Sithe Energies and Goldman Sachs. Together K-Road principals, have a 25 year history of successfully developing and safely operating over 15,000 MW of conventional and renewable power assets, creating exceptional value for both shareholders and project stakeholders. Leveraging its experience in global power generation, K Road promotes sustainable, renewable energy development with a focus on reliability, and efficiency in concert with environmental and social responsibility.
Separately, K Road affiliate, K Road Solar, is active in the US Southwest working together with Native American Reservations to further economic development and energy independence through solar energy development.
K Road Solar has over 1,500 MW of photovoltaic projects in various stages of development.