National Solar Power to establish 200 MW solar farm in Florida

Melbourne, Fla., December 1, 2011 – National Solar Power announced the company has entered into a developer agreement with Hardee County, Fla. to establish a 200 MW solar farm in the county.

This $700 million project will be the company’s second solar farm project with the first being in Gadsden County, Fla. The Hardee County Commission recently approved the agreement.

Additionally, National Solar Power announced the creation of Green Infrastructure Partners, LLC to help fund renewable energy infrastructure projects like the solar farms being built in Hardee and Gadsden counties.

Green Infrastructure Partners offers a platform for institutions and accredited investors to participate in the inevitable transition to a renewable energy infrastructure in the U.S., while enjoying competitive risk adjusted returns on their capital.

Ten 200-acre farms are planned at a cost of $70 million each – injecting hundreds of millions of dollars in the Hardee County community. The project site is about three and a half miles from Avon Park Executive Airport on the Holly Hill Grove property.

National Solar Power estimates the project will create 200 jobs during the five-year construction phase and up to 50 permanent operations jobs. National Solar Power expects the farm will have a three-person maintenance crew, an engineer and security personnel for each 20 MW farm and estimates the permanent operations jobs will have an average salary of about $40,000 per year.

National Solar Power is negotiating with multiple large financial institutions and private equity investors to provide project financing. The company has entered into an agreement with Progress Energy Florida and is having discussions with other potential customers to purchase power generated by the Hardee County solar farm project.

Along with the agreement with Progress Energy Florida, National Solar Power has executed power supply agreements for more than 3,000 MW of solar farms in the Southeastern United States. National Solar Power anticipates much of the power produced by the solar farm project will be used for peak shaving – particularly energy production that will occur during the summer months.

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