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Blue Earth to Build 165 Megawatts of Solar Power Projects

Sept. 3 (Bloomberg) -- Blue Earth Inc., a renewable-energy company, will build 165 megawatts of solar projects for the U.S. unit of Chinese panel manufacturer Zhongli Talesun Solar Co. and for developer New Generation Power LLC.

Blue Earth’s Xnergy unit will act as an engineering, procurement and construction contractor for at least 147 megawatts of New Generation projects and for 18 megawatts of Talesun projects, the Henderson, Nevada-based company said today in a statement.

The company will build the projects during the next 24 months at a cost of about $2 a watt, John Francis, a vice president, said today in an interview. In addition to Talesun’s six projects in California, New Generation’s projects will be built in the U.S. and territories as well on island nations where power is expensive, Francis said.

Blue Earth will loan $6.5 million to the projects, with $1 million in cash and $5.5 million by issuing new shares for $3.00 a piece.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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