Teanaway Solar Reserve Takes Major Step Forward
CLE ELUM, Wash., Feb. 3 /PRNewswire/ -- The Teanaway Solar Reserve has selected Washington-based Potelco Inc., a Quanta Services, Inc. (NYSE: PWR) company, as an equity partner and contractor for the design and construction of a proposed photovoltaic (PV) solar project to be located 90 miles east of Seattle. Teanaway Solar Reserve and Potelco signed a Memorandum of Understanding under which the parties have agreed to negotiate a contract for engineering, procurement and construction (EPC) services for the 75 megawatt solar facility that is expected to be the largest PV solar project in the Pacific Northwest to date. Potelco also intends to provide construction financing for the project. The contract and equity arrangements are subject to final terms and conditions to be negotiated.
"We are very excited about this landmark project and are eager to work with the community to generate renewable energy for the state and job opportunities for Cle Elum and Upper Kittitas County," says Gary Tucci, CEO of Potelco.
This announcement signals Teanaway Solar Reserve's readiness to hire, train and break ground as soon as Kittitas County issues a permit. Once the project is ready to commence, Potelco plans to hire locally and provide the training necessary to complete the entire range of jobs required for installation of the 400,000 solar panels.
"We're looking forward to working with a company with the caliber of Potelco that brings a local workforce, global expertise and the ability to deliver a high-quality and cost-effective utility-scale solar solution," remarked Howard Trott, managing director for the Teanaway Solar Reserve. "We feel very confident in Potelco's ability to put people to work and assist in getting this project off the ground to make solar work for all of us."Project Highlights:
- total estimated project cost of $300 to 350 million
- potential for 225 jobs during a two-year construction period, including groundmen, linemen, electricians, operators, engineers, project managers
- committed to local hiring and job training
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV