Connecticut-based investment firm Starwood Energy is partnering with Lockheed Martin to build a 290MW solar thermal plant in Arizona. The facility, owned by subsidiary Starwood Solar, is expected to cost around USD1.5bn and will supply electricity to Arizona Public Service Company (APS) under a long-term power purchase agreement. Lockheed will develop and operate the plant which is scheduled for completion in 2013.
The facility will use concentrated solar trough technology which uses sun-tracking parabolic mirrors to reflect solar energy onto a heat transfer liquid. The liquid is converted to steam which is then used to drive an electric turbine.
"When we formed our alliance with Lockheed Martin 18 months ago, this is exactly the type of game-changing project we envisioned tackling together" says Starwood CEO, Brad Nordholm. "The combination of our ability to finance this project, Lockheed Martin's systems integration and design expertise and APS's drive to provide its customers with cost-effective, sustainable power will result in a state-of-the-art facility that will serve the citizens of Arizona for years to come.?
In January, Starwood paid an undisclosed sum to acquire a majority stake in solar farm developer, Nautilus Solar. Starwood and Lockeed announced plans to team up to develop utility-scale solar projects in North America in 2007.
StrategyEye's related companies: Starwood Energy, Lockheed Martin
