HENDERSON, Nev., July 27, 2012 (GLOBE NEWSWIRE) -- Blue Earth, Inc. (OTCBB:BBLU), a renewable energy and energy efficiency services company, announced today that it acquired the rights to construct a 497 kilowatt solar PV project in Hawaii. The project is valued at approximately $2 million and consists of a solar PV system mounted on the ground. The project has a fully executed power purchase agreement ("PPA") with Hawaiian Electric Company ("HECO").
A Special Purpose Entity ("SPE") called Waianae PV-2 (wholly owned by Blue Earth, Inc.) has been set up specifically for this project. The SPE will engineer, construct, own, operate and maintain the solar PV plant. The agreement between the SPE and HECO is for 20 years. The power generated by the plant will be sold to HECO in the form of kilowatt-hrs (electricity).
Hawaii has the largest Renewable Portfolio Standard in the U.S., requiring 40% of the state's energy be supplied by renewable energy by 2030. HECO's Feed-In-Tariff ("FIT") program is designed to encourage the addition of more renewable energy projects in Hawaii. Pre-established FIT rates and standardized FIT contract terms facilitate the process of selling renewable energy to HECO.
"This project is just one of several planned projects in Hawaii for us. It represents our expansion into other markets and shows the kind of success we will enjoy by implementing our expansion plans into a key renewable energy market," stated D. Jason Davis, CEO of Xnergy, Inc.
Xnergy is a full-service EPC (Engineering, Procurement, Construction) firm, which has engineered, installed, and/or commissioned nearly 100 MW of traditional and alternative energy systems. Xnergy provides a broad range of comprehensive energy solutions, including the design and implementation of energy savings projects, energy conservation, energy infrastructure outsourcing, power generation and energy supply and risk management. Xnergy serves private and public clients from all industries throughout California and helps them minimize their energy consumption and reduce their carbon footprint.
The Waianae PV-2 ground mounted solar power system construction is expected to begin in the third quarter of 2012 and it's expected to be completed no later than the first quarter of 2013. For further information see www.xnergy.com.
About BBLU
BBLU is engaged in the clean technology industry with a primary focus on the energy efficiency and renewable energy sectors. We strive to participate in the global movement for a sustainable planet by offering products and services that will optimize energy use, reduce harmful environmental emissions and substantially reduce energy costs to our customers. For more information about Blue Earth, Inc., please visit www.blueearthinc.com.
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