Zentric to acquire two solar projects in North Carolina

By Editor


Zentric to acquire two solar projects in North Carolina

By Greentech Lead America: Zentric, a developer of
advanced battery technologies, has signed an agreement to acquire Innovative
Solar I and Innovative Solar II each the owner/developer of separate 800KW
solar power plants in Leicester, North Carolina valued at $4 million each to

As per the agreement, Zentric will purchase associated
land lease, purchase power agreement, engineering performed to date, and
interconnection agreement, which are in the name of Innovative Solar I, and
Innovative Solar II, respectively. Zentric will also serve as EPC Contractor
and be responsible for erecting and building to completion each project.

“Zentric is very excited to acquire these two
projects that will be 100 percent owned by Zentric and have already been
awarded a Power Purchase Agreement or PPA. The PPA is a long term guaranteed
contract with the local Power Authority to purchase all of the power we can
generate at a pre-determined price. A PPA guarantees a steady stream of
payments and in this case for a minimum of 15 years,” said William Tien,
President of Zentric.

Each 800KW solar farm consists of approximately 3,500 solar
photovoltaic panels and will be situated on 5 acres of leased land and will

“We are extremely pleased to become an
owner/operator of our own solar power facilities that will not only generate a
steady revenue stream for many years, but we are also able to take full
advantage of the attractive tax credits provided by both federal and state
government that will greatly offset the acquisition and development cost of
each solar power plant,” said Jeff Mak, CEO of Zentric.

Recently, Matinee Energy, and Zentric, announced the
signing of an EPC agreement for construction by Zentric, of the solar power
plants for 20MWdcp (U$72M) in Benson, Arizona, as part of the aggregated 120
MWdcp of plants using a part of the larger site (1200 acres.

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