Solar Stock Alert; SolarCity (Nasdaq:SCTY) and Hawaiian Electric Company to Develop 15-Megawatt Solar Energy Project
50-Acre Project Would Be Largest Photovoltaic System on O'ahu; Hawaiian Electric Expects SolarCity's Second, and Largest, Utility-Scale Project to Offset 1.8 Million Gallons of Oil Each Year
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MILILANI, Hawaii - October 24, 2013 (Investorideas.com renewable energy stocks newswire) SolarCity(R)(Nasdaq:SCTY) announces it has been selected by Hawaiian Electric Company to build a 15-megawatt photovoltaic system to provide clean energy to O'ahu residents. The 50-acre project will be constructed on undeveloped land at the Kahe Generating Station, subject to PUC approval. SolarCity, with local operations in Mililani, was selected through a competitive procurement process to construct the project, which will be owned and operated by Hawaiian Electric.
"We are committed to building a better energy future for Hawai'i. This is a unique opportunity to make a difference for all of our customers because it allows us to quickly develop more low-cost clean energy," said Ron Cox, Hawaiian Electric vice president of power supply.
Based on Hawaiian Electric's preliminary estimates and current fuel costs, the project, over its lifespan, would reduce the overall cost of generating electricity on O'ahu by $64 million while displacing approximately 1.8 million gallons of oil per year.
"Hawaiian Electric's project is living proof that solar power can protect Hawai'i's environment and strengthen its economy at the same time by providing clean energy less expensively than power generated from fossil fuels," said Jon Yoshimura, SolarCity's regional director in Hawai'i. "The SolarCity team in Mililani is honored to be selected for this project, and we're excited to work with Hawaiian Electric to deliver more clean, homegrown energy to O'ahu residents."
Pending regulatory approval and the completion of necessary environmental and cultural reviews, the system is expected to be operational by the end of 2015. The project is planned to directly connect with the grid through Hawaiian Electric's 46,000-volt sub-transmission system, without impacting residential or commercial customers who wish to install PV systems on their rooftops, which connect through Hawaiian Electric's 12,000-volt distribution system.
The project with Hawaiian Electric would be SolarCity's second utility-scale project in the state. SolarCity previously announced that it has been selected by Kaua'i Island Utility Cooperative (KIUC) to build a 14-megawatt (MW) DC (12MW AC) solar facility on 67 acres near the town of Koloa.
About SolarCity Hawai'i
SolarCity(R) provides Hawai'i homeowners, business and government organizations cleaner, more affordable alternatives to their utility bills from its local operations center in Mililani. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. Additional information about the company's operations in Hawai'i is available on the Web at http://www.solarcity.com/states/hi/hawaii.aspx, or on Facebook & Twitter.
This release contains forward-looking statements including, but not limited to, statements regarding expected generation capacity, expected cost reductions and expected oil offsets for the Hawaiian Electric Company project and expected date of completion of the project. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled "Risk Factors" in SolarCity's registration statement on Form S-1 filed with the Securities and Exchange Commission that identifies certain of these and additional risks and uncertainties. SolarCity does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
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