Energy: New Energy Solar soaks up Californian sun, starts up its largest plant
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New Energy Solar (ASX:NEW) is all but set to power up the new year in style after completing construction of its Mount Signal 2 solar plant in California’s Imperial Valley.
While further testing is required under the engineering, procurement and construction contract before the plant achieves substantial completion, which is expected in January 2020, it is already selling electricity into the wholesale market.
The addition of Mount Signal 2, the company’s 16th operating asset, takes its power generation capacity up 35 per cent to 772 megawatts (MW).
It also handily showcases the speed of the company’s growth, as this capacity is 70 per cent higher than it was a year ago.
“Mount Signal 2 is the largest plant in NEW’s portfolio, employing almost 500,000 solar panels, and its commencement of operations is a significant achievement,” chief executive officer John Martin said.
“The electricity generated by MS2 will be sold directly into the California wholesale market for the next six months until the escalating-price PPA with Southern California Edison commences in June 2020.”
LNG Limited (ASX:LNG) is looking to finalise a binding sales and purchase agreement for the delivery of 2 million tonnes of liquefied natural gas per annum from its proposed Magnolia LNG plant in Texas to Vietnam’s proposed 3200MW LNG to power project. It follows the incorporation of the Vietnamese project into the country’s Power Development Plan 7.
Vintage Energy (ASX:VEN) and Metgasco (ASX:MEL) are keeping busy through the holiday season with drilling of their Vali-1 exploration well in the Cooper-Eromanga Basin, Queensland, progressing on schedule. Vali-1 targets resources of 9.5 billion cubic feet (Bcf) of gas in the proven Patchawarra Formation.
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