Leading energy company Tenaska is investing in solar power projects with about 125 megawatts of total capacity. They should be completed sometime in 2016. Tenaska is actually investing in the solar power company that will develop the projects, Soltage, and will take controlling interest in the renewable energy company.
By investing in the company, Soltage’s growth will be supported, and Tenaska has its own channel for solar power development.
“This funding is both a transformative achievement for Soltage and further evidence solar power is a smart investment for forward-looking utilities and customers alike. We continue to be thrilled to have such an established and highly respected investor as Tenaska working with us as we help to realize our nation’s renewable energy capacity,” explained Jesse Grossman, Soltage’s CEO.
In 2008, Tenasaka made an investment in New Jersey-based Soltage, so they have been on business terms for some time. Seven years is a fairly long time, considering how many changes have taken place in the solar power industry. Hopefully, the fact that they know each other well is an indication they will thrive together.
Soltage installed 60 MW of solar power in 2014, which was a big surge compared with previous projects.
Tenaska has 11,000 MW of power management assets, including 280 MW of utility-scale PV solar that is operational or under construction in California’s Imperial Valley. In 2013, the large company had $9.5 billion in gross operating revenues.
It has been ranked no.1 in the U.S. for natural gas pipeline capacity. It also specializes in natural gas plants that generate electricity. Liquified natural gas is another area where Tenaska focuses. This is all to say that fossil fuels are its chief concern, so the fact it is investing in a solar power company is big news.
Soltage was founded in 2006, and appears poised for stable growth.
Image Credit: Soltage
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