Sustainable Power Group, an independent power producer backed by Fir Tree Partners, signed three 20-year agreements to sell electricity from solar farms in California.
The power-purchase contracts with Edison International and PG&E Corp. cover power plants with 11.7 megawatts, 4 megawatts and 3.7 megawatts of capacity, the Salt Lake City-based company, said in a statement Friday. Terms weren’t disclosed.
“The California market continues to represent one of the most attractive opportunities in utility-scale solar,” Sustainable Power Chief Executive Officer Ryan Creamer said in the statement. “As the industry matures and costs decrease, efficiencies are allowing us to develop renewable facilities that can compete with conventional energy options.”
The solar farms are expected to be operational next year and generate enough electricity for more than 2,500 homes.
U.S. photovoltaic installations this year may exceed 8.7 gigawatts, up from 6.3 gigawatts in 2014, according to data compiled by Bloomberg New Energy Finance.