LS Power Completes Financing for Dover SUN Park, Awards Construction Contract

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Sep 22, 2010, 03:55 ET

NEW YORK, Sept. 22 /PRNewswire/ -- White Oak Solar Energy, LLC (White Oak), a subsidiary of LS Power, has completed project financing for its 10 megawatt Dover SUN Park to be constructed in Dover, Delaware. White Oak's financing was arranged by Union Bank, N.A.

White Oak has also executed agreements with SunPower Corporation to design, construct, operate and maintain the solar park. SunPower will install SunPower Tracker® systems and high efficiency SunPower E19 solar panels at the site.

The Dover SUN Park will be the first utility-scale solar power plant in the region. White Oak has entered into long-term power purchase and environmental attribute agreements with the City of Dover, Delmarva Power and Light, Delaware Municipal Electric Corporation and the Delaware Sustainable Energy Utility for the full output of the facility.

Engineering of the Dover SUN Park is underway and equipment procurement will begin immediately. Site preparation activities will commence in the near term, with equipment installation expected to commence in January. Commercial operation of the Dover SUN Park is scheduled for summer of 2011.

An affiliate of LS Power will manage construction and operations of the project.

About LS Power

In addition to the Dover SUN Park, LS Power is currently developing several other large-scale solar projects in the US. LS Power is a power generation and transmission group with a proven track record of successful development activities, operations management and commercial execution. LS Power has been involved in the development, construction, or operations of over 20,000 MW of power generation throughout the United States. LS Power is actively developing both power generation and transmission infrastructure to serve the need for new generation and improve the aging transmission system. Highly regarded in the financial community, LS Power has raised over $13 billion in debt and equity since 2005. For more information, visit www.LSPower.com.

SOURCE LS Power