This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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

Potelco has been building the infrastructure that delivers electric power, natural gas and telecommunications services to the Northwest for 49 years, has a reputation for deploying safe, cost-effective solutions and is uniquely equipped to oversee this project. As a subsidiary of Quanta Services, Inc., the company has access to the expertise of a national network of infrastructure services and leverages Quanta's proven track record for making utility-scale solar a reality. Quanta Services is the leading specialty utility contractor in the United States and part of Standard & Poor's flagship S&P 500 stock index. The company's portfolio of work includes the provision of full turnkey EPC services for PV solar facilities across Arizona, California, Colorado, New Jersey, Nevada and North Carolina.

The Teanaway Solar Reserve is a photovoltaic (PV) solar generation reserve, designed to produce 75 megawatts of direct current power—enough to supply about 45,000 households—making it the largest solar project ever proposed in the Pacific Northwest and putting Kittitas County on the cutting edge of the energy revolution. Howard Trott of Kirkland, WA is the Managing Director of the project with more than 20 years of experience of developing and operating a wide range of real estate investments and ventures with an express concern for environmental sustainability and green technologies.

Quanta Services is a leading specialized contracting services company, delivering infrastructure network solutions for the electric power, natural gas and pipeline and telecommunication industries. The company's comprehensive services include designing, installing, repairing and maintaining network infrastructure nationwide. Additionally, Quanta licenses point-to-point fiber optic telecommunications infrastructure in select markets and offers related design, procurement, construction and maintenance services. With operations throughout North America, Quanta has the manpower, resources and expertise to complete projects that are local, regional, national or international in scope.

Media inquiries please contact Dave Pringle at Strategies360 -- 206.282.1990

Quanta Services contact: Reba Reid --713.629.7600, rreid@quantaservices.com

For more information visit www.teanawaysolarreserve.com and www.quantaservices.com

This press release contains forward-looking statements regarding the parties' plans and intentions, which may be affected by risks and uncertainties that are difficult to predict or beyond the parties' control, including that the project is not permitted or does not otherwise move forward as expected or that the parties are not able to agree on final terms and conditions of the arrangements referenced herein.

SOURCE Teanaway Solar Reserve

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,368.62 -11.79 -0.07%
S&P 500 1,898.40 +11.64 0.62%
NASDAQ 4,299.3690 +40.9310 0.96%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs