Clean Energy Pathways has signed a letter of intent with H and T Holdings to form a joint venture for development of two one-megawatt solar farms with an option for two additional one-megawatt systems after the first two are on line.
The first two projects are estimated to produce $16.5 million in revenue for the two companies over a 20-year term. The first two systems will be located approximately 30 miles north of Chattanooga, Tennessee, on 30-70 acres of land situated for maximum exposure to sunlight.
"This is an exciting time for our company as our solar development plans unfold," said J. Michael Parsons, CEO of Clean Energy Pathways.
"This agreement brings us another step closer to our goal of 50 megawatts of solar electric generation capacity in 2011. From an operational standpoint, this is an excellent plan. The strategy of grouping one-megawatt systems gives more flexibility for the grid. It also gets the generating capacity on line in a shorter amount of time, compared to a single large project on one piece of real estate."
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