More Companies Invest in Solar in the U.S. as Market Booms

MAN Ferrostaal and Solar Millennium AG have just announced a joint project that they will undertake in the United States. MAN Ferrostaal is a solar thermal power company which focuses on developing technology to generate solar thermal power. 

The companies will name the joint venture Solar Trust of America LLC (STA) and are hoping to capitalise on the growing increase in demand for solar energy in North America. Solar Milennium and affiliates will retain the majority of shares for the joint venture company, and MAN Ferrostaal Inc. will hold the minority share in the company. 

MAN Ferrostaal Inc, is based in Ohio and operates as a subsidy of MAN Ferrostaal. Additionally Solar Millennium AG will incorporate its California branch, Solar Millennium LLC, as a subsidy for the new company, Solar Trust of America LLC.

The companies, through Solar Millennium, have already managed to secure extended power purchase agreements for three power plants in California. Each of the three parabolic trough plants will generate almost 250 MW of energy. Additionally, other projects are currently in development which would be headed by Solar Trust of America. The companies have said that STA would, at first, mainly focus on the southwester states in the U.S., and then expand from there. 

Uwe T. Schmidt, Chairman and Chief Executive Officer of STA commented: “The expansion of the previous activities around power plant construction opens up new sales potential.”

Thanks to renewableenergyworld.com for the above quote, for more information on this story please view their website.