KUALA LUMPUR, Aug 16 (Bernama) -- SolarMax Technology Inc (SolarMax), an integrated solar energy company, signed a non-binding term sheet for a significant new commercial solar project in California.
The project, a major mall in the San Jose area, represents another step forward in SolarMax' ongoing strategy to expand its solar development capabilities in the United States (US) commercial market.
SolarMax Chief Executive Officer, David Hsu in a statement said a key component of the company’s strategic growth plans is the expansion of its commercial solar development services in the US.
“By leveraging our experience in successful large-scale solar projects, we believe we are well-positioned to establish a major presence in the burgeoning US solar market, and completing this project would represent another important milestone on that journey,” he said.
The proposed California project is to include the development and management of a 4.17 megawatt (MW) photovoltaic (PV) solar power plant and a 2.0 MW energy storage system. As part of the project, SolarMax will also oversee the replacement of the mall’s roof to support the new solar infrastructure.
The Power Purchase Agreement (PPA) for this project will provide a long-term framework that supports the financing, ownership, and operation of the solar and energy storage system. SolarMax will seek a PPA investor to fund the project, offering both immediate and sustained value over the agreement's duration.
Solar energy is the fastest-growing source of renewable energy in the US, with projections from the US Energy Information Administration that the country’s solar power generation will grow 75 per cent from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh in 2025.
As a result, SolarMax is leveraging its proven large-scale solar project experience to seek to establish itself as a go-to provider for US commercial solar projects through the roll-out of comprehensive development services.
The company’s commercial solar development offerings include advanced technology, customised solutions, and a client-centric approach to project management, with a goal of delivering projects on time and within budget.
-- BERNAMA
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