STF signs contract with Tri-State for three solar fields Totaling 31-40MW

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Solar Thin Films signs a contract with Tri-State Solar/Wind Energy for the design, supply and construction of three PV solar fields in West Virginia. The three sites have a potential capacity of 23-30MW in total.

 Solar Thin Films (STF) has signed a contract with property owner Tri-State Solar/Wind Energy for the design, supply, and construction of three solar fields in West Virginia. The underlying agreement had been announced earlier in a press release dated July 31, 2013, as an agreement in principle. The anticipated value of the contract is $124-$160 million.

There are three solar fields to be developed:

  • Site #1: Sam Black Church Rd. Crawley, WV
  • Site #2: Wolf Creek Rd. Fayetteville, WV
  • Site #3: Muddy Creek Rd. Alderson, WV

Sites #1 and #2 are to have 8-10 MW in solar electrical production capacity, and site #3 is to have capacity for 15-20 MW. The Company estimates that it will start installation work before the end of 2013 and that the fields will be complete within 18 months.

Tri-State will be responsible for, and is in the process of obtaining financing to complete the three projects, and clearing and preparing each property in preparation for the installation of the solar panels. STF has agreed to use its expertise to assist Tri-State in the negotiation and execution of Power Purchase Agreements (PPA) with the local power utility company.

Solar Thin Films is entitled to receive a 20% deposit on each of the projects prior to commencement of installation. It is also entitled to progress bill on a monthly basis to recover its costs and expenses. Any remaining unbilled amounts up to the agreed installation price are to billed and paid upon satisfactory completion of the work.