eSolar and China’s Penglai Electric Partner on Solar Thermal Energy

January 9, 2010 – Vol.14 No.42

eSolar and China’s Penglai Electric Partner on Solar Thermal Energy.

eSolar, a global provider of reliable and cost-effective concentrating solar power (CSP) plants, and Penglai Electric, a privately-owned Chinese electrical power equipment manufacturer, have announced a master licensing agreement to build at least 2 gigawatts (GW) of solar thermal power plants in China over the next 10 years.

The deal marks the country’s largest CSP project. Groundbreaking of the first 92 megawatts (MW) will take place in 2010.

Penglai Electric plans to develop 2 GW of power plants by 2021 using eSolar’s proven solar thermal technology. The solar thermal power plants will be co-located with biomass electricity generation facilities. Penglai Electric will leverage local manufacturing to source some of the equipment. In total, the plants will eliminate 15 million tons of carbon dioxide emissions annually.

China is currently the market leader in the PV manufacturing industry. The deal represents the country’s first major move into concentrating solar thermal power. The Chinese government recently announced its aggressive plans to increase the country’s renewable power generation capacity to 15 percent by 2020.

eSolar, of Pasadena, California, is an Idealab company founded in 2007 to develop modular and scalable solar thermal power plant technology.

China Shandong Penglai Electric Power Equipment Manufacturing Company. of Penglai, Shandong, China, main line of business includes manufacturing auxiliary and energy-saving components for 200MW, 300MW, and 600MW to 1,000MW combustion electrical power plants. (1/8/10)

Links:

eSolar
http://www.esolar.com

--- eSolar Expands to South Africa.

--- PG&E Teams With NRG Energy and eSolar for 92 Megawatts of Solar Thermal Power.

Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: No