PowerLight Completes 2.2 Megawatt Korean (PV) Project

[jpak]

http://www.solarbuzz.com/News/NewsASPR159.htm

PowerLight Corp., has completed construction of Mungyeong SP Solar Mountain, a 2.2-megawatt solar electric power plant in Mungyeong, Korea. The plant is comprised of 10,500 panels and covers an area of approximately 43,000 square meters.

PowerLight worked as a subcontractor to LG CNS Co., Ltd, by supplying solar technology and providing design and installation services. SunPower panels, using high efficiency solar cells, are mounted on the proprietary PowerTracker® solar tracking system, which tilts the solar panels toward the sun as it moves across the sky, significantly increasing daily energy production compared with fixed-tilt systems.

SP Energy, Korea's largest private solar plant operator, owns the plant and is selling the electricity it generates to the Korea Power Exchange. SP Energy receives the wholesale market rate for the electricity from Korea Electric Power Corp. as well as a per-kilowatt-hour subsidy payment from the Korea Energy Management Corp. The project was financed by a fund raised from institutional investors and managed by Good & Rich Asset Management. The City of Mungyeong also offered its support throughout all stages of project development.

"The combination of an optimal solar location in Mungyeong and the PowerTracker system with SunPower's high-efficiency modules will produce excellent financial returns for our investors," said Song Woo Keun, president and chief executive officer of SP Energy.

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